The trend of corporate pruning in med tech continues with Solventum Corp.’s decision to sell its purification and filtration business to Thermo Fisher Scientific Inc. for $4.1 billion. The announcement follows two other big company splits already in 2025: Baxter International Inc.’s separation of its kidney unit as Vantive, bought by Carlyle Group Inc. for $3.8 billion, and Stryker Corp.’s planned sale of its spinal implants business to Viscogliosi Brothers LLC.

Kyorin Pharmaceutical Co. Ltd. struck two licensing deals recently, including one with Hyfe Inc. Feb. 25 to develop the world’s potential first prescription digital therapeutic for chronic cough in Japan.

Despite the number of med-tech deals increasing to 1,902 in 2024, up 12% from 1,701 in 2023, the value of these deals has dramatically declined compared to previous years.

To say that European investors are optimistic about the outlook for the med-tech sector in 2025 is an understatement. A couple of companies are already listed on public markets, acquisitions have been undertaken and med-tech players with cash-rich balance sheets are on the hunt.

In keeping with the trend in med tech to return to basics, Becton, Dickinson and Co. plans to split off its biosciences and diagnostic solutions unit to create two pure-play companies. The ‘New BD’ or RemainCo. will be a focused medical technology company that will include the current company’s medication delivery, specimen management, patient monitoring, pharmaceutical systems, urology, critical care, peripheral intervention and surgery businesses.

Globus Medical Inc. reported it is buying Nevro Corp. in an all-cash transaction. Under the terms of the agreement, which was unanimously approved by the boards of both companies, Globus will acquire all shares of Nevro for $5.85 per share. The transaction represents a total equity value of approximately $250 million.

Concluding a two-year journey, Baxter International Inc.’s kidney care unit finally separated from the company and started a new life as Vantive, following the closing on Jan. 31 of its $3.8 billion sale to the Carlyle Group Inc.

In a move that the company, said demonstrates its commitment to investing in higher growth areas, Zimmer Biomet Holdings Inc. reported its plans to buy foot and ankle (F&A) orthopedic specialist Paragon 28 Inc. for an up-front payment of $13 a share in cash, corresponding to an equity value of approximately $1.1 billion and an enterprise value of approximately $1.2 billion.

In a remarkably news-filled earnings call on Jan. 28, Stryker Corp. revealed plans to sell its U.S. and spinal implants business to Viscogliosi Brothers LLC for an undisclosed sum, announced the retirement of Chief Financial Officer Glenn Boehnlein on April 1, reported sales growth of 11% for the fourth quarter and 10% for the full year 2024 and said the $4.9 billion acquisition of Inari Medical Inc. should close by the end of February.

Lantheus Holdings Inc. is making waves in M&A with its second big deal of the month – and year – the acquisition of Evergreen Theragnostics Inc. for $250 million in cash up front and up to an additional $752.5 million in contingent payments. The transaction follows announcement of a definitive agreement to acquire Life Molecular Imaging Ltd., a subsidiary of Life Healthcare Group Holdings Ltd., on Jan. 13 for $350 million in cash at closing and a further $400 million in milestone payments.