The healthcare sector continues to see robust merger and acquisition (M&A) activity in 2026, with major players pursuing strategic deals to expand their portfolios, access new technologies, and strengthen market positions. Below, we highlight the most significant healthcare M&A transactions of 2025 and 2026, focusing on acquirers, targets, deal values, and transaction dates. This comprehensive overview is based on the latest SEC filings and covers only those deals with disclosed financial terms.
Biotechnology & Pharmaceutical M&A
| Ticker | Acquirer Name | Acquired Company/Assets | Price / Deal Details | Transaction Date |
|---|---|---|---|---|
| $LGND | Ligand Pharmaceuticals Inc. | XOMA | ~$739M in cash | Q1 2026 (agreement); expected close Q3 2026 |
| $TERN | Terns Pharmaceuticals, Inc. | Acquired by Merck Sharp & Dohme LLC | $53.00 per share in cash | 2026-05-05 (closing) |
| $SLNO | Soleno Therapeutics, Inc. | Acquired by Neurocrine Biosciences, Inc. | $53.00 per share in cash | 2026-04-05 (agreement) |
| $NBIX | Neurocrine Biosciences, Inc. | Soleno Therapeutics, Inc. | ~$2.9B in cash | 2026-04 (agreement) |
| $BIIB | Biogen Inc. | Apellis Pharmaceuticals, Inc. | $41.00 per share in cash plus one CVR (up to $4.00 per share); total value ~$5.6B | 2026-03-31 (agreement) |
| $ACLX | Arcellx, Inc. | Acquired by Gilead Sciences, Inc. | $115.00 per share in cash plus one CVR worth $5.00 if milestone achieved | 2026-04-28 |
| $BMRN | BioMarin Pharmaceutical Inc. | Amicus Therapeutics, Inc. | $14.50 per share, all-cash; total ~$4.8B | 2026-04-27 |
| $HALO | Halozyme Therapeutics, Inc. | Elektrofi, Inc. | $810.4M; $28.80 per share in cash | November 2025 |
| $SUPN | Supernus Pharmaceuticals, Inc. | Sage Therapeutics, Inc. | $8.50 per share in cash (~$561M) plus CVRs (~$234M) | 2025-07-31 |
| $BMRN | BioMarin Pharmaceutical Inc. | Inozyme Pharma, Inc. | ~$285.0M, net of cash acquired | 2025-07-01 |
| $LNTH | Lantheus Holdings, Inc. | Evergreen Theragnostics, Inc. | $276.4M upfront; total $319.5M; up to $727.5M milestones | 2025-04-01 |
Medical Devices & Diagnostics
| Ticker | Acquirer Name | Acquired Company/Assets | Price / Deal Details | Transaction Date |
|---|---|---|---|---|
| $DHR | Danaher Corporation | Masimo Corporation | ~$9.9B (cash, incl. assumed debt, net of cash acquired) | 2026-02-16 (agreement) |
| $PEN | Penumbra, Inc. | Acquired by Boston Scientific Corporation | $14.5B enterprise value; $374/share (cash or 3.8721 BSX shares) | 2026-01-14 (agreement) |
| $SYK | Stryker Corp. | Amplitude Vascular Systems, Inc. | ~$435M cash; up to $400M milestones | 2026-05-07 |
| $WAT | Waters Corp. | BDS Business | $13B; 38,542,000 shares of Waters stock | 2026-02-09 |
| $EW | Edwards Lifesciences Corp. | Autus Valve Technologies, Inc. | $128.9M; up to $132.5M additional contingent; $7.9M contingent liability | 2026-02-06 |
| $MMSI | Merit Medical Systems, Inc. | C2 CryoBalloon® device/tech from Pentax | $19M cash at closing; up to $3M contingent | 2025-11-03 |
| $GKOS | Glaukos Corp. | Mobius Therapeutics, LLC | $12.4M net of cash acquired; up to $80M milestones + royalties | 2025-05-16 |
| $ZBH | Zimmer Biomet Holdings, Inc. | Paragon 28, Inc. | $13.00/share cash + CVR up to $1.00/share; $1,241.5M initial | April 2025 |
| $SYK | Stryker Corp. | Inari Medical | $80/share; $4.81B net of cash acquired | 2025-02-01 |
Health Information Services & Medical Care Facilities
| Ticker | Acquirer Name | Acquired Company/Assets | Price / Deal Details | Transaction Date |
|---|---|---|---|---|
| $BTSG | BrightSpring Health Services, Inc. | Amedisys and LHC branches (110 branches) | $246.4M net of cash acquired; $238.5M for 103+4 branches | 2025-12-01 & 2025-12-31 |
| $GRDN | Guardian Pharmacy Services Inc. | Various pharmacy operations | $16.891M (cash, deferred, shares, earnouts) | 2025 |
| $HUM | Humana Inc. | MaxHealth | ~$908M net of cash acquired | 2026-02-13 |
| $OPCH | Option Care Health, Inc. | Intramed Plus, Inc. | $117.2M net of cash acquired | 2025-01-24 |
| $UHS | Universal Health Services, Inc. | Talkspace, Inc. | $5.25/share; ~$835M aggregate | 2026-03-09 |
| $WAY | Waystar Holding Corp. | Iodine | $1.26B; $638.9M cash + 16,639,920 shares ($37.31/share) | 2025-10-01 |
Medical Distribution & Other Healthcare Sectors
| Ticker | Acquirer Name | Acquired Company/Assets | Price / Deal Details | Transaction Date |
|---|---|---|---|---|
| $MCK | McKesson Corp. | PRISM Vision Holdings, LLC (80%) | $875M in cash | 2025-04-01 |
| $MCK | McKesson Corp. | Core Ventures (70% controlling interest) | $2.5B in cash | 2025-06-02 |
| $SOLV | Solventum Corp. | Acera Surgical | $776M; $696M cash + $80M milestone FV; $125M milestone possible | 2025-12-23 |
Diagnostics & Research
| Ticker | Acquirer Name | Acquired Company/Assets | Price / Deal Details | Transaction Date |
|---|---|---|---|---|
| $LH | Labcorp Holdings Inc. | Various businesses/assets | ~$582M net of cash acquired | 2025 |
| $LH | Labcorp Holdings Inc. | Select assets of Parkview Health System | ~$165M; expected close 2026 | 2025-11-13 (agreement) |
| $RDNT | RadNet, Inc. | CIMAR (UK) Limited | ~$37M ($13.2M cash, $14.8M stock, $3.2M holdback, $5.8M contingent) | 2025-11-10 |
Conclusion
2026 has proven to be a dynamic year for healthcare M&A, with multi-billion-dollar deals across biotechnology, pharmaceuticals, medical devices, and health services. Major acquirers such as Gilead Sciences, Biogen, Boston Scientific, Stryker, and McKesson are making strategic moves to bolster their capabilities and market reach. As the industry continues to evolve, these transactions are set to reshape the competitive landscape and drive innovation in patient care and healthcare delivery.
