In October, the Nobel Committee awarded the 2025 Nobel Prize in Physiology or Medicine to Shimon Sakaguchi, Mary Brunkow and Fred Ramsdell for their discoveries in the field of autoimmunity. As has become typical for the scientific Nobel Prizes, the award-winning research is by now several decades old. But the discoveries were the basis for ongoing research into how to prevent autoimmunity that notched significant wins in 2025, in both basic research and in the clinic.

Med-tech M&A value in 2025 totaled about $38.99 billion through November, reflecting a clear slowdown from 2024’s $57.92 billion and well below the peak years of 2021 and 2022, when 11-month totals exceeded $119 billion and $132 billion, respectively. Activity this year has been uneven, with a strong April ($9.04 billion) and July ($7.29 billion) accounting for a large share of the total, while several months posted relatively modest figures. November was particularly quiet, delivering just $5 million in M&A value, down sharply from $1.68 billion in October and marking the weakest month of the year.

Medline Inc. returned to the public markets with a blockbuster IPO of $6.26 billion, reportedly this year’s largest IPO globally. The upsized offering of more than 216 million shares at $29 per share will allow the medical supply giant to devote the entirety of the proceeds from its initially proposed 179 million shares toward repayment of debt.

Companion Spine SAS received premarket approval from the U.S. FDA for its DIAM spinal stabilization system, for treatment of degenerative disc disease. The approval comes as the company recently completed the acquisition of a number of assets from Xtant Medical Holdings Inc., including Paradigm Spine GmbH, as it continues to strengthen its position in providing solutions to treat spinal degenerative conditions.

Alcon AG reported on Dec. 9 that it had sweetened its offer for intraocular lens maker Staar Surgical Co., raising its offer by roughly 10% to $30.75 a share from its prior bid of $28 a share. The revised offer comes on the heels of the expiration of Staar’s go-shop period on Dec. 8, in which Lake Forest, Calif.-based Staar said no superior offers were received.

Almost a year since first filing its S-1 to return to public markets, Medline Inc. revealed the price range for the most awaited IPO of 2025. The massive medical device development and distribution company plans to offer 179 million shares at $26 to $30 per share, putting the total deal value at $5.37 billion at the upper end. At the top of the range, the IPO would rake in the superlatives: largest IPO of 2025, largest med-tech IPO ever and the largest venture capital exit in med tech. The offering range would value the company at up to $55 billion.

Teleflex Inc. reported plans to sell its Acute Care, Interventional Urology and OEM businesses to two buyers for $2.03 billion. Intersurgical Ltd. will acquire the Acute Care and Interventional Urology units for $530 million. Additionally, private equity firms Montagu and Kohlberg are buying its OEM contract manufacturing business for $1.5 billion.

Natera Inc. completed the acquisition of Foresight Diagnostics Inc. in a deal structured as $275 million up front plus contingent payments of up to $175 million based on achieving certain milestones for revenue and reimbursement coverage. The companies expect to close the transaction in the second quarter of 2026.

Med-tech dealmaking totaled $1.72 billion through the first three quarters of 2025, signaling a potential rebound in the works from the subdued activity seen in 2024, when publicly reported full-year deal value reached $2.12 billion. Q3 was the strongest quarter so far this year, contributing $1.37 billion, nearly 80% of the year-to-date total, following slower starts of $149.1 million in Q1 and $192.2 million in Q2.

Kakao Healthcare Corp. plans to secure ₩100 billion (US$68 million) through two investment deals with Cha Biomedical Group and outside investors by early next year. The transactions, expected to close by the first quarter of 2026, will make Cha the controlling shareholder of Kakao Healthcare with a 43.08% stake. Kakao Corp., the parent company, will hold 29.99%, and external investors will own 26.93%.