Our Q1 2025 review of the MedTech, Devices, Digital Health, and Wearables highlights a strong wave of strategic M&A activity and significant venture funding, reflecting continued momentum and innovation across key areas including cardiovascular care, orthopedics, diabetes management, ophthalmology, and digital health solutions. Notable acquisitions included Stryker’s $4.9 billion cash buyout of Inari Medical, enhancing its vascular device line, and Zimmer Biomet’s $1.2 billion acquisition of Paragon 28, expanding its ASC-focused foot and ankle solutions. Boston Scientific advanced its cardiovascular portfolio with two deals: acquiring Bolt Medical for up to $900 million and SoniVie for up to $600 million in total consideration.
Zydus Lifesciences entered the European ortho market through an $281 million buyout of Amplitude Surgical. On the venture side, BVI Medical raised $1 billion to expand its ophthalmic product range and repay debt. 4C Medical secured $175 million to advance its mitral valve replacement trial, while Supira Medical raised $120 million to fund pivotal studies for its cardiac support device. FIRE1 attracted $120 million to scale its heart failure management platform, and CeQur closed a $120 million round to drive adoption of its wearable insulin patch.
Medtech, Device, Digital Health, Wearables M&A
In Q1 2025, M&A activity in MedTech, devices, digital health, and wearables surged, with 24 deals valued at $8.1 billion, including $7.6 billion in upfront cash. An increase from Q4 2024, which saw 21 deals totaling $4.2 billion. The 2 quarters accounted for 45 deals worth $12.3 billion, signalling a robust year ahead.
Medtech, Device, Digital Health, Wearables Ventures
Venture funding in medtech, devices, digital health, and wearables gained traction in Q1 2025, with 63 rounds raising $2.9 billion, more than double the $1.3 billion raised across 49 rounds in Q4 2024. Altogether, the 2 quarters saw 112 rounds totaling $4.2 billion.
Top M&A Deals in Q1 2025
Stryker acquiring Inari – January 2025
Stryker finalized its $4.9 billion acquisition of Inari Medical, offering $80 per share in cash. The deal significantly enhances Stryker’s presence in the cardiovascular and peripheral vascular markets, complementing its neurovascular portfolio. Inari specializes in devices for venous thromboembolism, with a product line that includes the ClotTriever (for DVT), FlowTriever (for PE), InThrill (for small vessel thrombosis), and LimFlow (for chronic limb-threatening ischemia).
Zimmer Biomet acquiring Paragon 28 – January 2025
Zimmer Biomet completed its $1.2 billion acquisition of Paragon 28, paying $13 per share in cash with additional milestone payments tied to revenue performance. The deal strengthens Zimmer Biomet’s foot and ankle surgical portfolio, adding products like the SMART28 system, APEX 3D Total Ankle, and TenoTac fixation system. It also supports the company’s expansion in the rapidly growing ambulatory surgery center (ASC) market.
Boston Scientific acquiring Bolt Medical – January 2025
Boston Scientific announced the acquisition of the remaining 74% of Bolt Medical for $443 million upfront, with up to $221 million in milestone payments, valuing the full deal at $600 million upfront and $300 million in milestones. Bolt’s key asset is a laser-based intravascular lithotripsy (IVL) device for treating coronary and peripheral artery disease, using acoustic pressure waves to break up calcified arterial plaques. The acquisition enhances Boston Scientific’s cardiovascular portfolio with a minimally invasive solution for complex arterial lesions.
Boston Scientific acquiring SoniVie – March 2025
Boston Scientific announced its acquisition of SoniVie for $400 million upfront, with up to $200 million in regulatory milestone payments. SoniVie’s lead technology, the TIVUS Intravascular Ultrasound System, is an investigational device for treating hypertension via renal denervation by reducing kidney nerve activity. Though not yet approved for commercial use, the acquisition strengthens Boston Scientific’s pipeline in cardiovascular and renal therapies, with completion expected in H1 2025.
Zydus Lifesciences acquiring Amplitude Surgical – March 2025
Zydus Lifesciences announced the acquisition of an 85.6% stake in Amplitude Surgical for €6.25 ($6.80) per share, valuing the deal at approximately €257 million ($281 million) an 80.6% premium. Amplitude specializes in lower-limb orthopedic devices, including the AmpliVision computer-assisted surgery system, i.M.A.G.E. single-use instruments, and E.T.O.I.L.E. platform for minimally invasive procedures. Zydus plans a tender offer for the remaining shares and to delist Amplitude from Euronext Paris, with deal completion expected in H1 2025.
Top Venture Funding in Q1 2025
BVI Medical – Series Unspecified -$1B – March 2025
BVI Medical, a global ophthalmic device company, secured $1 billion in strategic capital through a partnership with asset management firm TPG and other new investors. The funding refinances existing debt and provides fresh equity to fuel growth. BVI plans to expand its ophthalmic product portfolio, building on recent initiatives such as the launch of SERENITY and SERENITY Toric premium IOLs, the expansion of IOL manufacturing in Europe, and a series of strategic acquisitions. The company also introduced an educational platform for ophthalmologists, aiming to enhance global clinical collaboration. The investment positions BVI to advance innovation and capture increased demand for surgical eye care solutions.
4C Medical – Series D – $175M – March 2025
4C Medical Technologies closed a series D financing round of up to $175 million, led by Boston Scientific with participation from new and existing investors. The capital will advance the AltaValve™ System, a next-generation transcatheter mitral valve replacement (TMVR) device targeting patients with moderate-to-severe or severe mitral regurgitation (MR) who are not candidates for surgery or edge-to-edge repair. Funds will support the ongoing ATLAS pivotal trial across the U.S. and Europe, which began enrolling U.S. patients in October 2024. This financing strengthens 4C Medical’s position in the growing structural heart market.
Supira Medical – Series E – $120M – March 2025
Supira Medical, a clinical-stage Shifamed portfolio company, has raised $120 million in an oversubscribed series E round to advance its next-generation percutaneous ventricular assist device (pVAD). The funding, led by Novo Holdings and Qatar Investment Authority, with participation from existing and strategic investors, will support clinical expansion in high-risk percutaneous coronary intervention (HRPCI) and cardiogenic shock (CS). Key initiatives include the SUPPORT II U.S. Pivotal Study aimed at FDA PMA approval. To date, 85 HRPCI patients have been treated with the Supira System, highlighting early clinical traction in a growing market for minimally invasive cardiac support.
FIRE1 – Series Unspecified – $120M – January 2025
FIRE1, a Dublin-based connected medical device company, has raised $120 million in a financing round to advance its Norm™ heart failure self-management system. The system enables patient-driven, physician-guided care to reduce hospitalizations and ease pressure on healthcare systems. The funds will support a pivotal clinical trial. The round was led by Polaris Partners and Elevage Medical Technologies, with participation from Sands Capital, Longitude Capital, and existing backers including Medtronic, Novo Holdings, and NEA.
CeQur – Private – $120M – January 2025
CeQur, a medical device company focused on simplifying insulin therapy, has raised $120 million to expand the commercialization of its CeQur Simplicity device. This discreet, wearable insulin patch replaces multiple daily injections with a 4-day delivery system. The funding will accelerate the company’s sales and clinical team expansion, broadening patient reach across diabetes care. This investment underscores investor confidence in user-friendly, injection-free insulin delivery technologies designed to enhance therapy adherence and improve the quality of life for individuals with diabetes.
Also check out MedTech R&D Partnerships, M&A and Ventures in 2024
