DealForma’s review of medtech provides key insights into R&D partnerships, M&A and venture funding and across devices, digital health, and wearables, with a focus on high-growing areas like ophthalmology, cardiovascular health, wound care, neuromodulation, and home care. Notable R&D deals included ABVC BioPharma & ForSeeCon Eye ($30 million upfront, $3.5 million milestones, $60 million royalties for ophthalmic therapies), SmartCella & XyloCor ($130 million for cardiovascular gene therapy), and Regenity & AVITA ($5 million+ for wound care).
In M&A, Johnson & Johnson acquired Shockwave Medical for $13.1 billion (cardiovascular devices), Boston Scientific bought Axonics for $3.7 billion (neuromodulation for gastrointestinal and genitourinary disorders), and Carelon (Elevance Health) acquired Carebridge for $2.7 billion (home care services). Venture funding surged with API Holdings (PharmEasy) raising $421 million despite a 92% valuation drop, Oura securing $200 million at a $5.2 billion valuation for health-tracking wearables, and Blackrock Neurotech receiving $200 million from Tether for brain-computer interface (BCI) technology.
MedTech, Device, Digital Health and Wearables – R&D Partnerships
In 2024, the medtech, device, digital health, and wearables sector saw 29 R&D partnerships, totaling $324 million, with $60 million in upfront cash and equity. While 2023 had more deals (35), their total value was lower at $51 million, with $10 million upfront. Over two years, 64 deals were made, amounting to $375 million, with $70 million in upfront commitments.
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Top MedTech R&D Partnerships in 2024
ABVC BioPharma and BioFirst commercialization deal with ForSeeCon Eye – March 2024
ABVC BioPharma and its subsidiary BioFirst granted ForSeeCon Eye exclusive global rights to develop, manufacture, and commercialize ophthalmic therapies, including the Vitargus medical device. ABVC and BioFirst will receive $30 million upfront or 5 million ForSeeCon shares at $6 each, with potential milestone payments of up to $3.5 million and royalties of up to $60 million at a 5% rate.
SmartCella development and commercialization deal with XyloCor – July 2024
SmartCella granted XyloCor exclusive global rights to develop and commercialize XC-001, a gene therapy for cardiovascular disease, delivered via SmartCella’s Extroducer Infusion Catheter System. SmartCella will receive up to $130 million in upfront, development, regulatory, and commercial milestone payments, plus mid-single-digit royalties.
Regenity development and commercialization deal with AVITA – July 2024
Regenity Biosciences granted AVITA Medical exclusive rights to develop and commercialize its collagen-based dermal matrix for wound care in the U.S., EU, Australia, and Japan. AVITA will market the product under its brand. Regenity is eligible for up to $2 million upon FDA 510(k) clearance and an additional $3 million for manufacturing support. Regenity will receive 50% royalties for the first two years, increasing to 60% from year three.
MedTech, Device, Digital Health and Wearables – M&A
During 2024, the medtech, device, digital health, and wearables sector saw 74 M&A deals totaling $29.9 billion, including contingents, and $27.5 billion in cash-only transactions. This marked a significant rise from 2023, which had 49 deals worth $17.1 billion with contingents and $15.1 billion in cash. Over two years, 123 deals were completed, reaching $47.0 billion in total value and $42.6 billion in cash transactions.
Top MedTech M&A 2024
Johnson & Johnson acquiring Shockwave Medical for $13.1B – April 2024
Johnson & Johnson acquired Shockwave Medical and integrated it as a business unit within J&J MedTech. Shockwave’s portfolio includes medical devices for calcified cardiovascular diseases, such as Shockwave C2+, Shockwave IVL, and Shockwave L6. Shareholders received $335 per share in cash, reflecting a 4.7% one-day premium, for a total enterprise value of approximately $13.1 billion. The acquisition was finalized on May 31, 2024.
Boston Scientific acquiring Axonics – January 2024
Boston Scientific acquired Axonics, a leader in minimally invasive sacral neuromodulation (SNM) systems for treating gastrointestinal and genitourinary disorders. Its portfolio includes the Axonics R20 and F15 SNM systems. Shareholders received $71 per share in cash, valuing the company at $3.7 billion in equity and $3.4 billion in enterprise value. The acquisition was completed in November 2024.
Elevance Health and Carelon acquiring Carebridge – October 2024
Carelon, a subsidiary of Elevance Health, is acquiring Carebridge, a provider of home care and community-based services, including 24/7 member support, decision support, and electronic visit verification (EVV). Carebridge will receive approximately $2.7 billion upfront.
Medical Devices and Diagnostics – Ventures
During 2024, the medtech, device, and diagnostics sector secured $7.5 billion across 249 venture funding rounds, surpassing 2023’s $6.1 billion from 265 rounds despite fewer deals. Over 2 years, the sector raised $13.6 billion through 514 funding rounds.
Top MedTech Ventures 2024
Oura – Series D – $200M – November 2024
Oura secured $200 million in series D funding in November 2024, raising its valuation to $5.2 billion. With approximately 2.5 million smart rings sold since 2015, the company remains a leader in health-tracking technology. The funds will support product enhancements, AI-driven health innovations, and international expansion into Australia, Japan, and the Middle East. Oura has also partnered with DexCom to integrate glucose monitoring into its smart rings, enhancing user health insights.
Blackrock Neurotech – Series Unspecified – $200M – April 2024
Tether invested $200 million to acquire a majority stake in Blackrock Neurotech, valuing the BCI company at approximately $350 million. Known for its longevity and reliance on public funding, Blackrock had previously raised only $10 million in VC funding in 2021. This deal marks a major shift, accelerating commercialization and R&D while expanding Tether’s presence in biotech.
Also check out R&D Partnerships, M&A, IPOs, Ventures – Medtech, Device, Digital Health, Wearables
