Global Healthcare M&A Report – May 2026: 51 Deals Disclosed with Total Value of USD 9.81 Billion

According to incomplete statistics from Arterial Intelligence,In May 2026, a total of 51 mergers and acquisitions (M&A) transactions were recorded in the global healthcare sector, all occurring overseas. The publicly disclosed total transaction value amounted to approximately USD 9.812 billion (approximately RMB 67.481 billion).

Gilead Sciences acquired antibody-drug conjugate developer Tubulis for $5 billion, marking the largest M&A deal of the month.

With Only $1.9 Million Left, Liminatus, on the Brink of Delisting, Acquires CAR-T Company for $320 Million

On May 26, 2026, Liminatus Pharma, mired in a delisting crisis, acquired InnocsAI, which possesses a clinical-stage CAR-T pipeline, on May 21 for 1.6 billion shares (valued at $320 million). This transaction represents not merely an asset restructuring, but a critical strategic maneuver by a listed biotech company seeking rebirth from dire straits. Through the acquisition of InnocsAI, Liminatus instantly secured: a dual-target hematologic malignancy CAR-T therapy already in clinical trials, a solid tumor candidate featuring “AND-gate” logic, and a multi-target fusion platform supporting rapid iteration. Compared to CD47-focused players, the identity of a next-generation CAR-T technology platform company may offer greater valuation potential in the capital markets.

Gilead Sciences, Inc. Completes Acquisition of Tubulis, Further Strengthening Its Oncology Portfolio

On May 21, 2026, Gilead Sciences, Inc. successfully completed the acquisition of Tubulis GmbH, a company developing next-generation antibody-drug conjugates (ADCs). This acquisition brings to Gilead next-generation ADC assets and a platform designed to maximize patient benefit by delivering diverse payloads more selectively to tumors. Under the terms of the agreement, Gilead acquired all outstanding equity of Tubulis for $3.15 billion in cash, with additional contingent milestone payments of up to $1.85 billion.

$1.2 Billion Acquisition! Eli Lilly Doubles Down on NLRP3 Systemic Inflammation Target, Pioneering a New Paradigm for Chronic Disease Management

On May 17, 2026, Eli Lilly and Ventyx Biosciences completed the formal closing: Eli Lilly acquired all outstanding shares of the latter in an all-cash transaction at $14 per share, with a total deal value of approximately $1.2 billion, representing a premium of up to 62% over Ventyx’s 30-day volume-weighted average trading price. Roche’s acquisition of Inflazome and Eli Lilly’s current acquisition of Ventyx are both typical examples of asset-driven holistic M&A—securing first-mover advantage in a specific target pathway through a single transaction, thereby avoiding passive positioning in later-stage competition.

Japan's Nissha Acquires Vietnamese Medical Device Manufacturer USM Healthcare

On May 20, 2026, Nissha of Japan successfully completed the acquisition of shares in USM Healthcare, a Vietnamese medical device manufacturer, making USM Healthcare a subsidiary of the Company. Through this acquisition, Nissha has secured a new business platform for medical device manufacturing in Southeast Asia.

Diagnostic Medical Device Developer NeuroVision Acquires Durin Life Sciences to Advance Early Detection and Management of Neurodegenerative Diseases

Orthopedic Product Developer Stryker Completes Acquisition of Amplitude Vascular Systems, Incorporating Next-Generation IVL Technology into Peripheral Vascular Product Line

On May 7, 2026, orthopedic product developer Stryker announced the completion of its acquisition of Amplitude Vascular Systems, Inc., a private medical technology company that develops next-generation intravascular lithotripsy (IVL) platforms designed to treat complex peripheral artery disease. Kevin Lobo, Chairman and CEO of Stryker, stated, “This acquisition marks a significant milestone in expanding our peripheral vascular portfolio and enhancing our ability to address complex arterial diseases. By combining AVS’s innovative carbon dioxide-generated pressure wave technology with Stryker’s scale and resources, we are well-positioned to deliver solutions that improve outcomes for physicians and patients.”

Behavioral Health Company Curio Acquires Nora Mental Health, Expanding Its Behavioral Health Platform Nationwide in the United States

On May 27, 2026, behavioral health company Curio FZ LLC announced the acquisition of Nora Mental Health, a rapidly growing multi-state network of community mental health clinics. The transaction integrates Nora’s clinical footprint, franchise infrastructure, and provider community into the Curio platform, advancing Curio’s mission to make high-quality behavioral health care accessible to every individual and family in need. Terms of the deal were not disclosed.

Integrated Home Care Services Acquires Dina, Creating the Category-Defining Platform for Home Benefit Management

On May 20, 2026, Integrated Home Care Services, an integrated home care service provider, announced the acquisition of Dina Care, a leading AI-powered care coordination and referral management platform. By combining their respective strengths—Integrated’s decades of expertise in professional home care benefit management and value-based operational scale, and Dina’s AI-driven coordination capabilities—the merger aims to make home care more efficient, streamlined, and affordable for all.

Pharmacy Services Provider Pillr Health Completes Acquisition of CaptureRx, Expanding Pharmacy Solutions to More Healthcare Institutions

On May 19, 2026, pharmacy services provider Pillr Health announced the acquisition of CaptureRx, a 340B pharmaceutical compliance technology services company headquartered in San Antonio, Texas. This acquisition expands Pillr Health’s pharmacy solutions platform to support more than 500 hospitals, health systems, and Federally Qualified Health Centers (FQHCs) nationwide. The terms of the transaction were not disclosed.

Hong Kong’s Century-Old Real Estate Giant Enters Medical Imaging with $16.5 Billion Investment

On May 26, 2026, Hong Kong’s century-old real estate giant Jardine Matheson Holdings Limited announced on May 25 that it had acquired I-MED Radiology Network, Australia’s largest medical diagnostic imaging service provider, from the private equity firm Permira for A$3.4 billion (approximately US$2.4 billion) in an all-cash transaction. This marks a landmark step in Jardine Matheson’s strategic transformation from traditional real estate and retail into the healthcare sector.

Healthcare Linen Services Announces Acquisition of Texas Textile Services

On May 5, 2026, healthcare linen services provider Healthcare Linen Services announced the acquisition of Texas Textile Services. HLSG is a supplier of mission-critical outsourced linen and management services to healthcare facilities. This acquisition will expand HLSG’s presence in the highly attractive and high-growth healthcare market, providing opportunities to leverage the company’s scale advantages, operational expertise, and customer-centric service philosophy.

Healthcare Consulting Services Provider Impact Advisors Announces Acquisition of Canopii Collaborative

On May 4, 2026, Impact Advisors, a healthcare consulting services provider, announced the acquisition of Canopii Collaborative, a rapidly growing healthcare consulting firm specializing in Epic payer, revenue cycle, and managed services solutions. This strategic acquisition enhances Impact Advisors’ ability to deliver comprehensive, value-driven solutions to payer and provider organizations, while accelerating its expansion within the rapidly evolving Epic payer ecosystem.

Medical private equity firm WindRose Health Investors has sold Altruix to Frazier Healthcare Partners

On May 28, 2026, healthcare private equity firm WindRose Health Investors, LLC announced the completion of the sale of Altruix to Frazier Healthcare Partners. The terms of the transaction were not disclosed. Headquartered in Hunt Valley, Maryland, Altruix is a leading behavioral health pharmacy platform serving patients with severe mental illness, substance use disorders, and intellectual and developmental disabilities.

National Cold Chain Solutions Provider RealCold Acquires SCL Cold Chain, Entering the Pharmaceutical Logistics Sector

On May 27, 2026, RealCold, a nationwide cold chain solutions provider, announced the acquisition of SCL Cold Chain. This acquisition marks RealCold’s strategic entry into the supply chain logistics sector and significantly expands the range of services offered to customers. SCL will continue to operate under its existing corporate identity as part of RealCold.

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