New U.S. SEC rules designed to reel back the special purpose acquisition (SPAC) market went into effect on July 1, yet only a few weeks later two such companies completed IPOs and are now targeting mergers with health care and life sciences firms, including biopharma and medical technology.

GE Healthcare Technologies Inc. entered into a conditional agreement to acquire the clinical AI business of Intelligent Ultrasound Group plc for £40.5 million (US$51 million). The deal is part of GE Healthcare’s effort to bolster its portfolio of artificial intelligence-enabled devices and strengthen its ultrasound business.

Edwards Lifesciences Corp. said it has exercised its option to buy Innovalve Bio Medical Ltd., an early stage transcatheter mitral valve replacemen company, for $300 million in cash following its initial investment in 2017. Since that time, Edwards said Innovalve has demonstrated progress in its program with promising early clinical experience.

Edwards Lifesciences Inc. struck three deals totaling €15 million (US$16.3 million) with Affluent Medical SAS to gain access to its mitral valve technology. Edwards secured an exclusive option to acquire Affluent subsidiary Kephalios, which makes the Kalios adjustable mitral ring, for €5 million (US$5.44 million); paid €5 million more for global, non-exclusive licensing of Affluent’s intellectual property related to its biomimetic cardiac mitral valve replacement technology; and invested a further €5 million to acquire 9.21% of Affluent.

Embattled Masimo Corp. disclosed it received a non-binding term sheet offering $850 million to $950 million for a potential joint venture that would include its consumer health products and the Sound United business. In an 8-K filing with the U.S. Securities and Exchange Commission, Masimo said it intends to negotiate for a higher price.

Quest Diagnostics Inc. agreed to purchase Canadian laboratory testing giant Lifelabs Inc. from the Ontario Municipal Employees Retirement System for US$985 million (CA$1.35 billion), including debt, in a deal expected to close by the end of the year. Quest projects that Lifelabs, which will retain its brand, headquarters and management, will contribute US$710 million in the first 12 months after closing.

Alcon AG completed the acquisition of Belkin Vision Ltd. with an upfront consideration of $81 million with an additional $385 million in contingent payments. With the deal, Alcon gets its hands on Belkin’s U.S. FDA-cleared direct selective laser trabeculoplasty device, expanding its treatment options for patients with glaucoma.

Merit Medical Systems Inc. acquired the Esophyx Z+ device from Endogastric Solutions Inc. for $105 million in cash, adding a durable, non-pharmacological treatment for gastroesophageal reflux disease to its line-up of gastrointestinal products.

Boston Scientific Corp. continued its journey down the acquisition highway with its announced plan to acquire stroke products maker Silk Road Medical Inc. for $27.50 a share, or approximately $1.16 billion.

In 2023, med-tech deals culminated in the highest total deal value ever recorded by BioWorld MedTech, totaling $10.63 billion, a 33% increase from the $7.99 billion recorded in 2022.