Medtech, medical devices, digital health, and wearables M&A activity remained active through H1 of 2026, even as headline value cooled. The sector closed H1 with 56 deals worth $29.3B, including contingents and $23.6B in cash, and momentum was building: 29 deals in Q2 edged past Q1’s 27. Yet aggregate value fell to $10.4B from $18.9B including contingents, and to $7.0B from $16.6B in cash, as Q1’s mega-deals rolled off. The averages tell the real story: mean upfront consideration collapsed from $2.4B to $639M, while median upfront rose from $240M to $650M, so the usual deal grew even as the outsized ones vanished. The $5.7B gap between headline and cash value underscores how much consideration is now deferred or milestone-linked, echoing the rise of earnouts and CVRs across device M&A. Value was also concentrated. Within the leading therapy areas, 38 deals totaled $28.1B, with neurologic technologies (15 deals, $18.1B, about 64% of the pool on a $2.6B average upfront) and cardiovascular (nine deals, $7.0B) together making up nearly 90%, and cancer adding five deals at $1.3B. Against the wider industry, life sciences booked 305 deals in H1, already past half of 2025’s 592, worth $194.1B or roughly 71% of last year’s $274.4B. Medtech was the smallest segment by count but the fastest-rising: close to 60% of its 92-deal 2025 total already done, its share of deals up from 16% to 18% and its share of value from 6% to 15%, ranking second by value at $29.3B behind biopharma’s $130.7B and ahead of diagnostics’ $28.4B, up about 80% from 2025’s $16.2B.
The half’s headline transactions spanned neurovascular, structural heart, surgical consumables, and digital health, and showcased strategic consolidation and private equity for reset valuations. Boston Scientific agreed to acquire Penumbra in January 2026 at an enterprise value of $14.5B, a 19.3% premium, extending its mechanical thrombectomy and neurovascular franchise. In May 2026, MiRus granted Boston Scientific an exclusive option over its TAVR business, taking $1.5B for a roughly 34% stake with up to $3B in milestones on exercise, a structural-heart bet on its rhenium-alloy valve. American Industrial Partners took Avanos Medical private in April 2026 at $25 per share, a 72.1% one-day premium, for $1.3B, the half’s clearest sponsor-led take-private. Novanta acquired Riverpoint Medical in June 2026 for $1.2B upfront, about 19x estimated 2026 adjusted EBITDA, plus up to $250M in milestones, doubling its recurring surgical-consumables revenue. Hims & Hers Health acquired Eucalyptus in February 2026 for $240M upfront, up to $710M in deferred payments and up to $200M in earnouts, a cross-border push into international consumer health.
Medtech, medical device, digital health, and wearables M&A activity totaled 29 deals in Q2 2026, above 27 transactions completed in Q1. Despite the higher deal count, aggregate value declined materially: total consideration, including contingent payments, fell to $10.4B from $18.9B, while cash value excluding contingents decreased to $7.0B from $16.6B. Average upfront consideration declined sharply from $2.4B in Q1 to $639M in Q2, indicating that Q1 was driven by a limited number of exceptionally large transactions. Conversely, median upfront value rose from $240M to $650M, suggesting Q2 transactions were larger despite the absence of mega-deals. Across H1 of 2026, the sector completed 56 deals valued at $29.3B, including contingents and $23.6B in cash.
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MedTech, Device, Digital Health and Wearables M&A by Top Therapy Areas – H1 2026
During H1 2026, M&A activity across leading medtech, medical device, digital health, and wearables therapy areas totaled 38 deals valued at $28.1B, including contingent payments and $23.4B in cash. Neurologic technologies led the market, accounting for 15 deals and $18.1B in value, around 64% of the total, with an average upfront value of $2.6B. Cardiovascular ranked second, with 9 deals worth $7.0B including contingents. Its lower cash value of $3.7B indicates that a significant portion of consideration was tied to milestones. Together, neurologic and cardiovascular transactions represented nearly 90% of total M&A value. Cancer recorded 5 deals worth $1.3B. Dermatologic activity comprised only 3 transactions but generated relatively high average and median upfront values of $943M. Musculoskeletal and autoimmune transactions remained comparatively small, underscoring the concentration of H1 2026 investment in neurologic and cardiovascular technologies.
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MedTech, Device, Digital Health and Wearables vs Other Life Sciences
In H1 2026, the life sciences industry recorded 305 M&A deals, already exceeding half of the 592 transactions completed during the full year of 2025. Manufacturing technology and other life sciences were the most active segment, with 102 deals, followed by biopharma therapeutics and discovery platforms with 80; diagnostics, sequencing, omics and tools with 68; and medtech, medical devices, digital therapeutics and wearables with 55. Although medtech remained the smallest category by deal count, it had already reached around 60% of its 2025 total of 92 deals. Its share of overall activity also increased from approximately 16% in 2025 to 18% in H1 2026.
In H1 2026, announced life sciences M&A value reached $194.1B, already equivalent to about 71% of the $274.4B recorded during the full year of 2025. Biopharma therapeutics and discovery platforms remained the largest segment, accounting for $130.7B in announced value. Medtech, medical devices, digital therapeutics and wearables followed with $29.2B, ahead of diagnostics and tools at $28.4B and manufacturing technology and other areas at $5.9B. Medtech demonstrated particularly strong momentum: deal value increased by approximately 80% from $16.2B in 2025, while its share of total life sciences M&A rose from around 6% to 15%. In contrast, diagnostics declined from $76.1B to $28.4B, and manufacturing-related deal value fell from $29.8B to $5.9B.
Prominent MedTech, Device, Digital Health and Wearables M&A in H1 2026
Boston Scientific acquiring Penumbra – January 2026
Boston Scientific’s acquisition of Penumbra expands its mechanical thrombectomy, neurovascular, cardiovascular, and peripheral vascular disease portfolio. Penumbra brings FDA-approved neurovascular devices including the ACCESS25 delivery microcatheter, ARTEMIS neuro evacuation device, BMX81 and BMX96 access systems, and ACE reperfusion catheters, and peripheral vascular products including the Indigo system, CAT RX, Lightning Flash 2.0, and Lightning Bolt 12. Expected to close in 2026, subject to customary regulatory approvals, the transaction will result in Penumbra’s delisting from the NYSE. Penumbra’s Stockholders may elect to receive $374 in cash or 3.8721 Boston Scientific shares, representing a premium of 19.3% and an enterprise value of $14.5B; under Article II of the merger agreement, consideration comprises 73.26% cash and 26.74% stock. Stock option holders and accelerated RSUs will vest and convert into $274.00 cash plus 1.0353 Boston Scientific shares.
Boston Scientific option to acquire MiRus’ TAVR business – May 2026
MiRus granted Boston Scientific an exclusive option to acquire its TAVR business, including the investigational SIEGEL balloon-expandable transcatheter aortic valve replacement (TAVR) system. Built with MiRus’ proprietary rhenium alloy technology, the nickel-free device is designed for minimally invasive treatment of severe aortic stenosis. Boston Scientific initially acquired a 34% stake in MiRus and holds an option to acquire the remaining interest in MiRus’ TAVR business; if it does not complete the follow-on investment or exercise the option, its equity stake in MiRus could be significantly reduced or forfeited. MiRus will receive $1.5B for an approximately 34% equity stake and is eligible for up to $3B upon achievement of specified clinical, regulatory, and sales milestones upon option exercise.
Novanta acquiring Riverpoint Medical – June 2026
Novanta acquired privately held Riverpoint Medical from Arlington Capital Partners, expanding its surgical consumables footprint across orthopedic, cardiovascular, oncology, ophthalmic, and dermatologic care. The deal doubles Novanta’s recurring medical consumables revenue, deepens medical OEM customer relationships, and broadens its sports medicine, trauma, and cardiovascular surgery portfolio. The transaction was expected to generate about $80M in 2027 Adjusted EBITDA and deliver over $80M in synergies within five years, funded through cash, existing credit facilities, and a $300M equity raise. Riverpoint Medical will receive $1.2B up front, equivalent to about 19x the estimated 2026 Adjusted EBITDA, and is eligible for up to a $250M milestone payment due on or before January 8, 2027. The transaction was completed on Jul 27, 2026.
American Industrial Partners acquiring Avanos Medical to take the company private – April 2026
American Industrial Partners acquired Avanos Medical in an all-cash take-private transaction, strengthening its position in pain management and nutrition medical devices. Avanos’ portfolio includes pain and osteoarthritis products, ON-Q, COOLIEF, GAME READY, ambIT, and GenVisc / TriVisc, and enteral feeding and nutrition products-KEY, CORTRAK 2, CORFLO, FARRELL Valve System, and NEOMED- alongside IV therapy and infusion pumps and diagnostic and endoscopy accessories. The transaction supports Avanos’ growth and innovation strategy and results in Avanos operating as a wholly owned subsidiary of American Industrial Partners, with its shares delisted from the NYSE. Avanos shareholders will receive $25 per share in cash, representing a 72.1% one-day premium and an 82.8% premium to the Company’s 30-day volume-weighted average share price, for a total deal value of $1.3B. The deal was completed on Jul 27, 2026.
Hims & Hers Health acquiring Eucalyptus – February 2026
Hims & Hers Health acquired Eucalyptus, a privately held digital health and telehealth company, to accelerate international expansion and build a leading global consumer health platform. Eucalyptus operates digital health brands including Juniper and Pilot across Australia, the UK, Germany, Japan and Canada, serving over 775,000 customers with an annual revenue run-rate above $450M. Consideration includes $240M up front at closing, up to $710M in deferred payments over 18 months, and up to $200M in earnouts tied to revenue and EBITDA targets through 2028. Hims & Hers Health completed the acquisition on Jun 2, 2026.
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