What a difference a year makes. In the first half of 2024, the MedTech sector showed a notable uptick in M&A activity, with 114 acquisitions valued at $40.3 billion — close to last year’s total. Despite fewer venture rounds, funding remained strong at $9.7 billion. The IPO scene was quieter, with just three offerings raising $1.2 billion. This flurry of deals and investments signals a vibrant phase for MedTech, as companies strive to expand their tech and market presence through strategic consolidations. This trend highlights the industry’s optimism and its push towards embracing new technologies. (1)
Given all this, let’s dive into the list:
- Johnson & Johnson Acquires Shockwave Medical
Johnson & Johnson acquires Shockwave Medical for approximately $13.1 billion in cash, which will significantly enhance its position in cardiovascular intervention. This acquisition complements Johnson & Johnson’s MedTech portfolio by adding Shockwave’s innovative Intravascular Lithotripsy (IVL) technology, used in the treatment of coronary and peripheral artery disease. This move is expected to accelerate Johnson & Johnson’s sales growth and operational margins while solidifying its leadership in high-growth cardiovascular segments. This strategic expansion follows Johnson & Johnson’s earlier acquisitions in the cardiovascular space, including Abiomed, furthering its commitment to addressing complex cardiac conditions through advanced technological integrations. (2)
2. BD (Becton, Dickinson) Acquires Edwards Lifesciences’ Critical Care Product Group
BD (Becton, Dickinson, and Company) acquires Edwards Lifesciences’ Critical Care product group for $4.2 billion in cash. This acquisition enhances BD’s portfolio of smart connected care solutions, adding a range of advanced monitoring technologies, including AI-enabled clinical decision tools. Expected to be immediately accretive to BD’s financial metrics, this deal aligned with BD’s long-term strategy to lead in advanced patient monitoring technologies and expand its presence in global healthcare markets. (3)
3. Edwards Lifesciences Expands its Structural Heart Portfolio
Edwards Lifesciences has announced the acquisitions of JenaValve Technology and Endotronix, aimed at expanding its structural heart portfolio. These acquisitions, totaling approximately $1.2 billion, focus on advancing patient care in areas like aortic regurgitation and heart failure. JenaValve’s technology is notable for addressing aortic regurgitation, a condition expected to see the first FDA-approved treatment by late 2025. Meanwhile, Endotronix enhances Edwards’ capabilities in heart failure management, providing tools for early intervention in disease progression. (4)
4. Baxter International Sells Vantive Kidney Care to Carlyle Group
Baxter International sold its Vantive Kidney Care segment to Carlyle Group for $3.8 billion as part of its strategy to streamline operations and focus on high-growth areas. The sale enhances Baxter’s operational efficiency and innovation capacity. Carlyle plans to advance Vantive’s leadership in kidney care, focusing on extending patient care with advanced technologies and services. The transaction enables Baxter to focus on core areas while Vantive pursues expansion under new ownership. (5)
5. Boston Scientific Acquires Axonics, Inc
Boston Scientific acquired Axonics, Inc. for approximately $3.7 billion (with an honorable mention to Silk Road Medical), marking its entry into sacral neuromodulation (SNM) field. This deal positions Boston Scientific to capitalize on the growing SNM market, which holds significant potential to improve patient care. Axonics’ technologies, including the FDA-approved Axonics R20 neurostimulator, are expected to significantly enhance Boston Scientific’s urology portfolio. The transaction aims to expand effective treatments for conditions affecting millions worldwide. (6)
I’m excited to see what 2025 has in store, but this list certainly gives investors and companies hope. If you would like to discuss any of these deals in more detail and what this could mean for your business in 2025, let’s talk.
Ken Dropiewski
Partner
dropiewski@mbexec.com
Ken Dropiewski is a Partner with McDermott + Bull’s MedTech and Life Sciences Practice and has been doing search for nearly two decades. His expertise serves the medical device, biotechnology, and healthcare industry. Ken is especially known for work done in the cardiac, vascular, interventional, and oncology segments and has been in the MedTech field for 30 years. Prior to his career in search, he spent time at Johnson + Johnson and Boston Scientific.