Med-tech M&A activity cooled in 2025, with total reported deal value falling to about $42.14 billion, down from $57.9 billion in 2024 and far below the levels seen in 2021 and 2022, when annual totals exceeded $150 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.

Quest Diagnostics Inc. evidently found what it was looking for, as it agreed to acquire Haystack Oncology Inc. in an all-cash deal valued at up to $450 million with $300 million at closing and $150 million contingent on meeting specific milestones. Haystack focuses on minimal residual disease (MRD) testing, which can detect residual or recurring cancer in its early stages and help guide therapy decisions using blood samples rather than biopsied tissue. The companies expect the transaction to close before the end of June.

Foresight Diagnostics Inc. has developed a circulating tumor DNA (ctDNA) detection platform for detecting minimal residual disease (MRD) in B-cell lymphomas, a form of non-Hodgkin lymphoma and the most common lymphoma in the U.S., accounting for about 85% of all cases. Now, it has published data showing its phased variant enrichment detection sequencing (PhasED-Seq) nearly doubled the identification of patients with aggressive lymphoma who were not cured by standard therapy and need new treatment options.