Healthcare megadeals, defined as transactions valued at $1 billion or more, slowed notably in the first half of 2025, according to data captured in the LevinPro database. There were 18 megadeals announced during the first half of 2025, a 33% decline from the 27 deals announced during the same period of 2024. The decline marks the lowest mid-year tally since 2020 and continues a downward trend from the 30 megadeals announced in the first half of 2022 and 19 in the first half of 2023.
While the billion-dollar threshold was still crossed multiple times across the Biotechnology, Pharmaceutical, eHealth, Medical Devices and more sectors, the pace of activity suggests growing caution among buyers. Economic uncertainty, regulatory scrutiny and high interest rates have likely contributed to more disciplined capital deployment, especially on large-scale transactions.
Top Megadeals in First Half of 2025: A Breakdown
| Deal Value | Acquirer | Target | Target Sector | Deal Description |
| $14.6 billion | Johnson & Johnson | Intra-Cellular Therapies | Biotechnology | Bolsters neuroscience with therapies for schizophrenia and bipolar disorders. |
| $9.9 billion | Sycamore Partners | Walgreens Boots Alliance | Other Services | Takes retail/specialty pharmacy chain private to streamline operations. |
| $9.1 billion | Sanofi | Blueprint Medicines | Biotechnology | Enhances immunology and oncology with precision medicines. |
| $5.3 billion | Clearlake Capital Group | ModMed | eHealth | Invests in EHR/EMR and practice management software for specialties. |
| $5.1 billion | Siemens | Dotmatics | eHealth | Integrates AI-powered R&D software for life sciences and diagnostics. |
| $4.9 billion | Stryker | Inari Medical | Medical Devices | Strengthens vascular portfolio with clot removal technologies. |
| $3.9 billion | Merck KGaA, Darmstadt, Germany | SpringWorks Therapeutics | Biotechnology | Adds rare oncology treatments like Ogsiveo. |
| $3.3 billion | Bain Capital | Mitsubishi Tanabe Pharma Corporation | Pharmaceuticals | Expands in autoimmune, diabetes and CNS drugs. |
| $2.3 billion | PureHealth | Hellenic Healthcare Group | Hospitals | Acquires majority stake in Greece’s largest private hospital network. |
| $1.65 billion | Roper Technologies | CentralReach | eHealth | Enhances software for ABA/autism care in behavioral health operations. |
| $1.6 billion | UPS | Andlauer Healthcare Group | Other Services | Boosts healthcare logistics and third-party logistics services. |
| $1.41 billion | Investindustrial | DCC Healthcare | Medical Devices | Expands medical products and devices for global markets. |
| $1.34 billion | Brookfield Asset Management & CDPQ | Antylia Scientific | Labs, MRI & Dialysis | Acquires lab equipment and supplies for biopharma and diagnostics. |
| $1.2 billion | GSK | BP Asset IX, Inc. | Pharmaceuticals | Gains Phase III-ready efimosfermin for steatotic liver disease. |
| $1.1 billion | Court Square Capital Partners & WindRose Health Investors | Soleo Health | Specialty Pharmacy | Scales specialty pharmacy and infusion therapy services. |
| $1.1 billion | Zimmer Biomet | Paragon 28 | Medical Devices | Boosts orthopedics with foot and ankle solutions. |
| $1 billion | GSK | IDRx | Biotechnology | Advances precision therapies for gastrointestinal stromal tumors. |
| $1 billion | Eli Lilly and Company | Verve Therapeutics | Biotechnology | Targets gene editing for cardiovascular diseases. |
Among the largest deals during the first half of the year was Johnson & Johnson’s $14.6 billion acquisition of Intra-Cellular Therapies, a biopharmaceutical company focused on the development and commercialization of therapeutics for central nervous system disorders. In another high-profile transaction, New York-based private equity firm Sycamore Partners announced its $9.9 billion deal to take Walgreens Boots Alliance private, signaling a strategic overhaul of the retail pharmacy giant.
Biotechnology emerged as the sector with the most megadeals in the first half of 2025, accounting for five transactions. These deals were largely concentrated in high-growth subfields like precision oncology and gene editing, where buyers are targeting bolt-on acquisitions to accelerate R&D timelines and expand beyond traditional small-molecule drugs. With an aggregate value of approximately $29.6 billion, these transactions represented more than 42% of total megadeal spending during the period. Notable examples include Sanofi‘s acquisition of Blueprint Medicines and Merck‘s acquisition of SpringWorks Therapeutics, both of which aimed to secure targeted therapies amid growing demand for personalized medicine.
Private equity’s active participation, evident in seven of the 18 deals, underscores a shift toward buy-and-build strategies that leverage operational efficiencies and portfolio diversification. Rather than betting on large, platform-setting acquisitions, many sponsors are focusing on targeted investments in growth-stage or specialty companies where value can be created through add-on acquisitions, infrastructure enhancements or clinical integration. The $5.3 billion acquisition of ModMed by private equity firm Clearlake Capital is a prime example, as it aligns with broader efforts to modernize specialty practice management through the use of health IT. Similarly, Bain Capital’s $3.3 billion purchase of Mitsubishi Tanabe Pharma’s assets expands its exposure to more therapeutic areas, including autoimmune diseases, diabetes, and central nervous system disorders. Even as the number of megadeals declines, private equity buyers remain active, especially in areas where they see opportunities to scale operations or expand into high-demand specialties.
Total disclosed spending across all healthcare M&A reached $88.4 billion in the first half of 2025, a significant decline from $116.4 billion during the same period in 2024 and $133.7 billion in the first half of 2023. The pullback in aggregate deal value further underscores the cautious tone of the current dealmaking environment, particularly among the industry’s largest buyers.
Despite this cautious start, megadeal activity appears to be gaining momentum heading into the second half of the year. Four megadeals were announced in July 2025 alone, matching the four deals recorded during the same month in both 2024 and 2023. Whether that momentum holds will be a key indicator of how the rest of the year shapes up for healthcare M&A.
