Global Healthcare M&A Report – November 2025: 23 Deals Disclosed with Total Transaction Value of USD 4.187 Billion

According to incomplete statistics from Artery Research, in November 2025, there were a total of 23 mergers and acquisitions in the global healthcare sector, with a disclosed total transaction value of approximately $4.187 billion (about 19.889 billion RMB). In the Chinese market, four M&A events occurred without disclosing the total transaction amount; while in overseas markets, 19 M&A events took place with a disclosed total transaction value of approximately $4.187 billion.

Patient Square Capital Acquires Healthcare Solutions and Services Provider Premier for $2.6 Billion, Marking the Largest M&A Deal of the Month.

Monoclonal Antibody (mAb) Platform Developer for Cancer Treatment, Innova Therapeutics, Completes Acquisition of Enci Therapeutics

On November 26, 2025, Innova Therapeutics, a developer of monoclonal antibody (mAb) platforms for cancer treatment, announced the completion of its acquisition of Enci Therapeutics. The acquisition includes Enci Therapeutics' lead cancer therapy program, IVT-8086. Specific terms of the agreement and financial details between Innova Therapeutics and Enci Therapeutics have not been disclosed.

Ophthalmic Drug Developer Harrow Completes Acquisition of Melt Pharmaceuticals

On November 19, 2025, ophthalmic drug developer Harrow completed the acquisition of Melt Pharmaceuticals, Inc. After the acquisition, Melt Pharmaceuticals will be integrated into Harrow's operations to support the transition process aimed at advancing Melt-300 towards New Drug Application (NDA) submission, regulatory approval, and potential market introduction.

Cipla, Ltd. Acquires Inzpera Healthsciences Ltd for 1.1065 Billion Rupees to Strengthen Pediatrics and Wellness Portfolio

On November 6, 2025, pharmaceutical manufacturer Cipla Limited announced the acquisition of Inzpera Healthsciences Ltd for 1.1065 billion rupees. This acquisition highlights Cipla's continued focus on diversifying consumer healthcare solutions, particularly in the areas of children's nutrition, gut health, and wellness. Inzpera is known for its innovative, clinically-supported formulations for both children and adults, with business interests spanning digestive health, respiratory health, and nutrition.

Electrosurgical Leader Expands Through Cross-Border M&A, Suturing Market Welcomes "New Dominator"

On November 27, 2025, Huazhong Zhonghui, China's leading high-frequency electrosurgical device company, officially acquired Bonny Medical, a rising star in the high-end suture industry, on November 4. This bold move marks its entry into the suture market, which has long been monopolized by foreign enterprises. This is not only a cross-industry upgrade for one company but also signifies the comprehensive arrival of a "breakthrough moment" for domestically produced high-end sutures. A "new powerhouse" capable of competing head-to-head with foreign enterprises is on the rise.

Medical Technology Researcher Lord's Mark Industries Announces Acquisition of Renalyx Health Systems

On November 26, 2025, Lord's Mark Industries, a medical technology research company, announced the acquisition of 85% of Renalyx Health Systems Private Limited. Renalyx will serve as the R&D division of Lord's Mark Industries, driving advanced medical device research for kidney and liver conditions. This acquisition marks a significant step for Lord's Mark Industries in expanding into next-generation medical technologies, aiming to address the growing burden of chronic kidney disease (CKD) in India.

Breaking 40% Import Monopoly: The Eight-Year Quality Control Journey of an IVD Listed Company

On November 18, 2025, Autobio Diagnostics announced the completion of its full acquisition of Shanghai Biaoyuan Biotechnology Co., Ltd., increasing its stake from 87% to 100%. Original individual shareholders Zhang Jian and Zi Kai have fully exited. It is reported that Biaoyuan Biotechnology has registered up to 30 quality control products, among which 9 obtained China's Class III certificates, and 21 are Class II certificates, showcasing strong R&D capabilities and market recognition. The larger the quantity, the stronger the effect. Additionally, its products have ranked among the top domestic third-party quality control brands for many consecutive years, widely used in medical institutions at all levels and clinical testing centers, earning notable visibility.

Telemedicine Platform Provider MiCare Path Completes Series D Financing and Acquires Compwell to Accelerate Nationwide Expansion and AI-Driven Virtual Healthcare in China

On November 25, 2025, MiCare Path, a provider of telemedicine platforms, announced the successful completion of its Series D financing round along with the strategic acquisition and integration of Compwell. This new capital and acquisition will drive the continued expansion of MiCare Path's clinical programs, deepen collaborations with healthcare systems, and accelerate artificial intelligence innovations based on its FDA-registered software platform. With outcomes validated across tens of thousands of patients and clinics, MiCare Path remains steadfast in its mission: to help clinicians extend care into the most vital aspects of patients' daily lives, beyond outpatient visits.

Healthcare Investment Firm Patient Square Capital Completes Acquisition of Premier

On November 25, 2025, healthcare investment firm Patient Square Capital completed its previously announced acquisition of Premier for $2.6 billion. Following the completion of the transaction, Premier's common stock ceased trading and will be delisted from NASDAQ on November 25, 2025. Under the terms of the deal, Premier shareholders will receive $28.25 in cash per share.

Switchboard Health, a Professional Care Network Platform Operator, Acquires Conduce Health to Expand AI-Enabled Specialty Care Capabilities

On November 4, 2025, Switchboard Health, an operator of professional nursing network platforms, announced the acquisition of Conduce Health. This acquisition will combine Switchboard's EMR-integrated software and virtual care network with Conduce's predictive analytics and clinical decision support technologies to match patients with the most suitable specialists.

International SOS Group Acquires Via Medica International Medical, Strengthening Operations in the UAE Region

On November 20, 2025, International SOS, the world's leading health and safety risk management company, recently acquired Via Medica International Healthcare, a medical service provider in Abu Dhabi, UAE, further enhancing its resource deployment and service capabilities in the UAE region. By combining global expertise with local capabilities, International SOS and Via Medica will provide international-standard medical, emergency response, and occupational health solutions to the UAE and the broader Gulf region.

Private equity firm Diversis Capital announces strategic investment and merges Genesis Automation Healthcare, Kermit, and Meperia to create the first end-to-end healthcare supply chain and inventory management platform.

On November 12, 2025, private equity firm Diversis Capital announced a strategic investment in Genesis Automation Healthcare, Kermit, and Meperia, and their subsequent merger. The three companies will be unified under the Genesis Automation Healthcare (Genesis) brand. The newly formed organization will establish the industry's first comprehensive supply chain and inventory management solution for hospitals and ASCs, addressing issues of waste, financial leakage, compliance risks, and administrative burdens faced by clinicians and hospital administrators.

Aeon Acquires Holsain to Strengthen Expertise in Preventive Health

On November 7, 2025, Aeon, an operator of early detection and preventive healthcare platforms, acquired Holsain, a startup in stealth mode, to strengthen its expertise in proactive, personalized health management. Following the acquisition, Aeon appointed Florian Alexander Huber, the founder of Holsain, as its new Chief Medical Officer.

Arsenal Capital Partners Acquires ThermoSafe for $725 Million, Expanding Temperature-Controlled Packaging Solutions Business

On November 11, 2025, private equity firm Arsenal Capital Partners completed the acquisition of ThermoSafe for $7.25 billion. This development aims to drive growth and innovation for ThermoSafe while expanding its global presence and technical capabilities under Arsenal. Arsenal Capital Partners plans to leverage this expertise to enhance ThermoSafe's operations, expand its international reach, and advance its technological offerings. The acquisition is expected to support the company’s efforts to meet the growing global demand for reliable temperature-controlled logistics solutions.

A Chain Pharmacy Acquired

On November 5, 2025, Shanghai Pharma Health Cloud Commerce Co., Ltd., Beijing Keyuan Xinhai Pharmaceutical Operation Co., Ltd., and Beijing Xinhai Keyuan Pharmacy Co., Ltd. jointly signed a restructuring agreement, under which Cloud Health will unilaterally increase capital and expand shares in the target company. The target company mainly engages in pharmaceutical retail business in Beijing. Before the transaction, Beijing Keyuan held 100% of the shares of the target company and solely controlled it; after the transaction, Cloud Health and Beijing Keyuan will hold 51% and 49% of the shares of the target company respectively, with both parties jointly controlling the target company.

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