Top 10 medtech deals in the first half of 2026
Medtech dealmakers remained busy over the first half of 2026, building on the decade-high M&A activity achieved last year with a string of deals worth upward of $1 billion. PwC recently reported $36.5 billion in medtech acquisitions over the first half of this year, with deal volumes and values tracking above the midpoint of 2025.
The activity reflects medtech companies’ efforts to refocus their portfolios on faster-growing products. Boston Scientific, Medtronic and Stryker were among the companies to ink deals to move into markets that are expanding quickly.
Other deals took companies out of slower-growing areas, with Thermo Fisher Scientific’s planned sale of a unit that grew roughly 2% last year the prime example from the first half of the year.
Here, MedTech Dive looks at the top 10 medical technology acquisitions of the first half of 2026:
1. Boston Scientific to acquire Penumbra
Amount: $14.5 billion
Date announced: Jan. 15
Boston Scientific began the year by inking a deal to buy Penumbra for its clot-removal devices. Penumbra, which also sells a system to control bleeding, markets the clot-removal devices in indications including pulmonary embolism, stroke and deep vein thrombosis.
The deal will move Boston Scientific into new markets in thrombectomy and embolization and give it another growth asset, BTIG analyst Ryan Zimmerman wrote in a research note in January. Boston Scientific expects to complete the deal this year.
2. Danaher buys Masimo
Amount: $9.9 billion
Date closed: June 10
Danaher established itself as a competitor to Medtronic in the pulse oximetry market by paying $9.9 billion for Masimo. The company identified Masimo as complementary to its existing Radiometer business, which specializes in blood gas analysis and other testing in acute care settings.
Informed by the overlaps between the businesses, Danaher is targeting $125 million of annual cost synergies and more than $50 million of annual sales synergies by the fifth full year after the deal closed. Radiometer, which was founded in Denmark, could use its European footprint to help Masimo grow in the region.
3. Boston Scientific buys stake in MiRus
Amount: $1.5 billion
Date announced: May 18
Boston Scientific paid $1.5 billion to buy about one-third of MiRus. The deal gives Boston Scientific an exclusive option to buy MiRus’ transcatheter aortic valve replacement system, subject to additional cash payments totaling $3 billion and the completion of certain milestones.
MiRus’ Siegel system is the first nickel-free, balloon-expandable TAVR valve intended to restore function and normal blood flow of severely narrowed aortic valves, Boston Scientific said. Buying the device could re-establish Boston Scientific as a challenger for the TAVR market after setbacks to its Acurate Neo2, Acurate Prime and Lotus Edge systems.
4. AIP to acquire Avanos Medical
Amount: $1.27 billion
Date announced: April 14
Avanos Medical accepted a go-private offer from private equity partnership American Industrial Partners. The specialty nutrition and pain management company competes with rivals including Boston Scientific, Cook Medical, Medtronic and Stryker. Avanos CEO Dave Pacitti said that AIP will back his company to strengthen its competitive position.
5. Thermo Fisher agrees to microbiology unit sale
Amount: $1.08 billion
Date announced: April 27
Thermo Fisher Scientific accepted Astorg’s offer for its microbiology business. The unit sells antimicrobial susceptibility testing and culture media for clinical, pharmaceutical and food safety use. Astorg, a private equity firm, will run the business as an independent, privately owned platform.
6. Roche to buy PathAI
Amount: $750 million upfront, plus up to $300 million in milestones
Date announced: May 7
Roche agreed to acquire PathAI to gain ownership of a digital pathology platform. The Swiss company plans to scale PathAI’s platform globally and combine the acquired tools with its existing cancer diagnosis capabilities. Roche has identified PathAI’s clinical trial support and translational research capabilities as a good fit for its companion diagnostics expertise.
7. Agilent acquires Biocare Medical
Amount: $950 million
Date closed: June 25
Agilent bought Biocare Medical for automated immunohistochemistry instruments and reagents. The products, which supported sales of more than $90 million last year, target sectors including cancer and infectious disease diagnostic and research markets. Agilent serves the same sectors through its life sciences and diagnostics business.
8. Stryker buys Amplitude Vascular
Amount: $435 million upfront, plus up to $400 million in milestones
Date closed: May 7
Stryker acquired Amplitude Vascular Systems to add an intravascular lithotripsy platform to its portfolio. Johnson & Johnson established a leading position in the IVL sector in 2024 by paying $13.1 billion for Shockwave Medical. Boston Scientific and Abbott have since entered the sector.
Amplitude’s Pulse system is “one of the most credible next-gen challengers to Shockwave IVL,” Leerink Partners analyst Mike Kratky wrote in a research note in April.
9. Medtronic to acquire SPR Therapeutics
Amount: $650 million
Date announced: May 20
Medtronic agreed to buy SPR Therapeutics to expand its neuromodulation portfolio. SPR sells Sprint, a peripheral nerve stimulation device used to treat chronic pain. The device treats pain for up to 60 days. Medtronic has identified the temporary device as a way to enable earlier intervention for chronic pain sufferers.
10. Medtronic acquires CathWorks
Amount: $585 million
Date closed: April 20
Medtronic bought CathWorks to secure a larger presence in the cath lab. CathWorks sells a system, called FFRangio, that uses artificial intelligence and computational science to assess the entire coronary tree using routine X-ray images of blood vessels. Medtronic has co-promoted the system in the U.S., Europe and Japan since 2022.
