Here are the 20 biggest healthcare deals so far in 2025

We’re more than six months into 2025 already—can you believe it?

It’s been a busy year for healthcare news, from looming tariffs to DOGE cuts. But there have also been some big deals around the industry since Jan. 1.

Healthcare Brew wanted to break down the largest mergers, acquisitions, and buyouts so far this year. We worked with global market data research company PitchBook and reviewed public notices to create a list of the biggest deals in the US as of June 4.

PitchBook collects information by tracking control acquisitions and leveraged buyouts, including asset acquisitions, corporate divestitures, corporate asset purchases, spinoffs, and asset divestitures. Final deal values represent the total amount of equity and debt used in the transaction.

Here’s PitchBook’s list of top 20 deals of 2025 (so far):

1. Intra-Cellular Therapies, a biopharmaceutical company working on therapeutics for central nervous system disorders, entered into a definitive agreement to be acquired by Johnson & Johnson for $14.6 billion on Jan. 13.
2. Pharmaceutical manufacturer and distributor Mallinckrodt and pharmaceutical company Endo International announced a $6.7 billion merger on March 13.
3. ModMedicine, a healthcare software-as-a-service provider, accepted a $5.3 billion buyout by private equity (PE) firm Clearlake Capital Group on March 3.
4. Medtech company Stryker announced Jan. 6 a definitive agreement to acquire medical technology manufacturer Inari Medical for $4.9 billion.
5. Science and technology company Merck entered into a definitive agreement to acquire biotech SpringWorks Therapeutics for $3.9 billion on April 28.
6. Pharmaceutical company Novartis announced an agreement to acquire biotech Anthos Therapeutics for $3.1 billion on Feb. 11.
7. Health tech company HealthEdge entered into a definitive agreement to be acquired by investment firm Bain Capital for $2.6 billion on April 8.
8. Eli Lilly announced a definitive agreement on Jan. 13 to acquire cancer treatment biotech Scorpion Therapeutics for up to $2.5 billion.
9. Advanced Instruments, a subsidiary of PE firm Patricia Industries, announced a definitive agreement to acquire biotech Nova Biomedical for $2.2 billion on March 19.
10. Software developer Roper Technologies announced a definitive agreement valued at $1.9 billion to acquire CentralReach, which created software for autism spectrum disorder care, from investment firm Insight Partners on March 24.
11. Novartis entered into an agreement to acquire biotech Regulus Therapeutics for up to $1.7 billion on April 30.
12. Private investment firm BayPine announced April 14 a $1.5 billion acquisition of clinical trial network CenExel Clinical Research.
13. Revenue cycle management company Access Healthcare announced investment firm New Mountain Capital had bought a $1.5 billion majority stake in the company on Jan. 14.
14. PharmaCord, which provides patient services in the biopharmaceutical industry, and pharmaceutical manufacturing company Mercalis announced a $1.4 billion merger on March 12.
15. PE firm GTCR completed a purchase of biotech Antylia Scientific on May 28 for $1.3 billion.
16. On Jan. 28, medtech company Zimmer Biomet completed a $1.2 billion acquisition of medical device maker Paragon 28.
17. Pharmaceutical company GSK announced it had entered into an agreement to acquire biotech IDRx on Jan. 13 for up to $1.2 billion.
18. Investment firm HIG Capital announced the sale of specialty pharmacy services provider Soleo Health to Court Square Capital and WindRose Health Investors for $1.1 billion on Feb. 3.
19. Eli Lilly announced a definitive agreement to acquire biotech SiteOne Therapeutics for $1 billion on May 27.
20. Biotech Jazz Pharmaceuticals announced March 5 a definitive agreement to acquire another pharmaceutical company, Chimerix, for $935 million.