February, 2026
For 2025, the median transaction value in healthcare was $151 million. For 2025, strategic buyers accounted for 91% of transactions.
Select recent notable publicly announced M&A transactions:
– Sanofi announced its acquisition of Dynavax Technologies Corporation for $2.2 billion in December 2025.
– Johnson & Johnson closed its acquisition of Halda Therapeutics for $3.0 billion in November 2025.
– Merck Sharp & Dohme closed its acquisition of Cidara Therapeutics for $9.6 billion in November 2025.
– Bristol-Myers Squibb Company closed its acquisition of Orbital Therapeutics for $1.5 billion in October 2025.
– Novo Nordisk closed its acquisition of Akero Therapeutics for $4.9 billion in October 2025.
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