Danaher Corp. agreed to acquire Masimo Corp. for $9.9 billion in a move to strengthen its diagnostics business. Under the terms of the agreement, Danaher will acquire all the outstanding shares of Masimo for $180 per share in cash, representing a 38.3% premium to Masimo’s last closing price.
Med-tech M&A activity opened 2026 at a slower pace, with January deal value totaling $665.33 million, coming in well below the 2025 monthly average of $3.51 billion and trailing most individual months last year.
Calla Lily Clinical Care Ltd.’s strategic collaboration with Merck KGaA to support the development of Callavid, its intravaginal drug delivery platform, is a “huge validation” of the work the company is doing, Lara Zibners, co-founder and chairman of Calla Lily, told BioWorld.
After a prolonged downturn, the med-tech IPO market rebounded in 2025, with deal value surging to $13.01 billion across 31 offerings. The recovery followed two muted years, with just $619 million raised in 2024 and a low-point of $110 million in 2023.
Med-tech companies looking for capital will have to work harder this year to attract investor attention. Even though investment firms have money to deploy, the capital will go toward more targeted opportunities and later-stage companies. For early stage med tech, 2026 is expected to be a tough year, which is raising concerns about the pipeline of innovative technologies in the long term.
Boston Scientific Corp. recently reported new four-year data on its Farapulse pulsed field ablation platform, which demonstrated that patients with paroxysmal atrial fibrillation achieved better long-term success than those treated with thermal ablation. The data come as sales of the Farapulse system in the U.S. have begun to slow amid rising competition from other PFA technologies, particularly Medtronic plc’s Affera platform.
Sava Technologies Ltd. reported positive clinical data showing that its multi-molecule biosensor technology can reliably monitor glucose levels beneath the skin in real time.
Insight Lifetech Co. Ltd. listed on the Shanghai Stock Exchange’s STAR market via an unprofitable biotech track reinstated last year, with the Feb. 5 IPO raising ¥998.64 million (US$143.93 million).
Global investors in med tech are confident about exit opportunities in the year ahead. The strategics have already started making acquisitions, the IPO window – which reopened last year – is expected to remain active, and the investment firms have companies in their portfolios that are well-positioned for exit. With fundamentals in the sector still robust, 2026 is expected to reward companies that deliver clear clinical value.
While in 2025 med-tech financings averaged $3.3 billion per month, January 2026 saw the sector bring in $1.52 billion across 39 transactions. It was the lowest monthly total since November 2024’s $924.59 million. However, a number of months last year saw fluctuating values, ranging from $1.65 billion in July to $8.26 billion in December 2025, indicating uncertainty as to how industry financings will shake out this year.
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