Healthcare M&A Transactions in the Most Recent Quarter: Key Deals, Prices, and Acquirers
The healthcare sector has seen a surge in mergers and acquisitions (M&A) activity in the most recent quarter, with several multi-billion dollar deals announced or completed. Below, we summarize the most significant transactions, highlighting the acquirer, target company, deal value, and transaction status. This overview provides a comprehensive look at the evolving landscape of healthcare consolidation, including pharmaceutical, biotechnology, medical device, and diagnostics companies.
| Acquirer | Acquired Company / Asset | Price / Deal Details | Transaction Date / Status | Ticker |
|---|---|---|---|---|
| $ABT Abbott Laboratories | Exact Sciences Corporation | $105.00 per share in cash; Merger Consideration approx. $21 billion | Completed March 23, 2026 | $ABT |
| $BMRN BioMarin Pharmaceutical Inc. | Amicus Therapeutics, Inc. | $14.50 per share in cash | Completed April 27, 2026 | $BMRN |
| $GILD Gilead Sciences, Inc. | Arcellx, Inc. | $115.00 per share + 1 CVR (up to $5.00/share if sales >$6B by 2029); Aggregate funds used: $7.1 billion | Completed April 28, 2026 | $GILD |
| $TERN Merck Sharp & Dohme LLC | Terns Pharmaceuticals, Inc. | $53.00 per share | Completed May 5, 2026 | $TERN |
| $DAWN Servier Pharmaceuticals LLC | Day One Biopharmaceuticals, Inc. | $21.50 per share; Aggregate equity value approx. $2.5 billion | Completed April 23, 2026 | $DAWN |
| $ALKS Alkermes plc | Avadel Pharmaceuticals plc | $21.00 per share in cash + 1 CVR (potential $1.50/share) | Completed February 12, 2026 | $ALKS |
| $HOLX Hopper Parent Inc. (Blackstone & TPG) | Hologic, Inc. | $76.00 per share in cash + 1 CVR; Total cash consideration approx. $17.3 billion | Completed April 7, 2026 | $HOLX |
| $WAT Waters Corporation | BD’s Biosciences & Diagnostic Solutions (via Augusta SpinCo) | 0.135343148384084 Waters shares per SpinCo share; $4.0 billion cash payment to BD | Completed February 9, 2026 | $WAT |
| $RDNT RadNet, Inc. | Gleamer SAS | €230 million total (€215M cash at closing + €15M contingent) | Announced March 2, 2026 | $RDNT |
| $MMSI Merit Medical Systems, Inc. | View Point Medical, Inc. | $140 million total ($90M cash at closing + $50M deferred) | Acquired April 1, 2026 | $MMSI |
Announced or Pending Healthcare M&A Transactions
| Acquirer | Acquired Company / Asset | Price / Deal Details | Transaction Date / Status | Ticker |
|---|---|---|---|---|
| $BIIB Biogen Inc. | Apellis Pharmaceuticals, Inc. | $41.00 per share in cash + 1 CVR (up to $4.00/share) | Merger agreement entered March 31, 2026 | $BIIB |
| $NBIX Neurocrine Biosciences, Inc. | Soleno Therapeutics, Inc. | $53.00 per share in cash | Merger agreement entered April 5, 2026 | $NBIX |
| $DHR Danaher Corporation | Masimo Corporation | $180.00 per share in cash | Announced February 17, 2026; Stockholder approval May 1, 2026 | $DHR |
| $COR Cencora, Inc. / MWI Animal Health | Covetrus (via MWI Animal Health) | MWI valued at $3.5B; Cencora to receive $1.25B cash, $800M preferred units, $1.45B common units; 34.3% ownership of CVET TopCo | Definitive agreement entered February 17, 2026 | $COR |
| $LGND Ligand Pharmaceuticals Incorporated | XOMA Royalty Corporation | $39.00 per share in cash + CVRs (75% of net proceeds from Janssen Litigation possible) | Merger agreement entered April 27, 2026 | $LGND |
| $OGN Organon & Co. | Sun Pharmaceutical Holdings USA, Inc. / Sun Pharma America, Inc. | $14.00 per share in cash (103% premium to April 9, 2026 price) | Merger agreement entered April 26, 2026 | $OGN |
| $SEM Select Medical Holdings Corporation | Stallion Intermediate Corporation | $16.50 per share in cash | Merger agreement entered March 2, 2026 | $SEM |
| $CNTA Centessa Pharmaceuticals plc | Eli Lilly and Company / LDH XV Corporation | $38.00 per share in cash + 1 CVR (up to $9.00/share) | Transaction agreement entered March 31, 2026 | $CNTA |
Conclusion
The most recent quarter has been marked by robust M&A activity in the healthcare sector, with several high-value deals completed and others pending. Notable transactions include Abbott Laboratories’ $21 billion acquisition of Exact Sciences, Gilead’s $7.1 billion purchase of Arcellx, and Hologic’s $17.3 billion buyout by Blackstone and TPG affiliates. These deals reflect ongoing consolidation trends across biotechnology, pharmaceuticals, medical devices, and diagnostics, as companies seek to expand their portfolios and capabilities in a competitive market. Stay tuned for further updates as pending deals progress toward completion.
