InRecently Held2025Year San DiegoAdvaMedAt the Medical Technology Summit, global leading medical technology companies engaged in in-depth discussions on "M&A-Driven Strategic Transformation."By the Vice President of Medtronic and Global Head of Corporate and Business Development, M&A, and Venture CapitalChris Eso, Head of Business Development at Johnson & JohnsonJennifer Kozak、Vantive Chief Financial OfficerJim Hinrichs、 AndPerella Weinberg PartnerPhilippe McAuliffeThe Leading Group Discussion Reveals:M&A has become the core path for large medical device enterprises to build a high-growth moat, while private equity plays an irreplaceable role in ecological synergy.

Medtronic also uses mergers and acquisitions as a key strategy for transformation.EsoRevealed that the company has completed in the past five yearsFinished11-12Embedded Acquisition,Focus on the layout of cardiac recovery, electrophysiological technology, and diabetes fields，Through"Switching from low-growth businesses to high-growth tracks" to optimize the investment portfolio.Its strategic logic focuses on three dimensions: identifying core markets with competitive advantages, evaluating the strategic return-on-investment cycle, and balancing short-term profitability with long-term growth.

Chris Eso

MedtronicCore StrategyYesDrive high-growth business transformation through embedded acquisitions while optimizing portfolio balance for profitability and growth.。Key CasesIncluding：

• Diabetes Business Spin-off: Due to the need for additional investment in high growth, Medtronic has chosen to partner with Blackstone Group. Through private equity financing, they aim to support the diabetes franchise project, achieving front-end and back-end profit and loss balance. This marks the first case of deep collaboration between private equity and the medical technology field.

  
  

• Other acquisitions: all focus on high-growth, high-innovation fields.

EsoEmphasized: "This innovative cooperation model was inspired by Pfizer. Medtronic is the first practitioner in the medical technology field, and possibly the only company able to balance investor returns with strategic investments."

As a pioneer in medical technology mergers and acquisitions,Johnson & Johnson clearly positions mergers and acquisitions as"Strategic Cornerstone."Johnson & JohnsonCore StrategyYesIn"Balancing Large and Small" Strategy Strengthens Investment Portfolio, Focuses on Neuroscience, Oncology, and Immunology Fields to Address Patent Cliff Risks.

KozakEmphasized: "Our goal is to migrate the product portfolio into high-growth, highly innovative areas—where there are unmet clinical needs, and where we can truly serve patients and stakeholders."

Jennifer Kozak

Johnson & Johnson's M&A in recent yearsKey CasesIncluding：

• Intra-CellularAcquisition:2025Year146Acquire the Schizophrenia Drug R&D Company for $100 Million to Obtain a Blockbuster DrugCaplyta(Peak sales are expected50billion USD), strengthening the layout in the central nervous system field.

  
  

• Shockwave Medical Acquisition: In sync with Medtronic, acquired for $13.1 billion in 2024, complementing intravascular lithotripsy technology and accelerating global market penetration.

  
  

• V-Wave Acquisition: Completed in 2024 for $600 million upfront payment + $1.1 billion milestone payment, advancing the percutaneous implant technology for heart failure as a continuation of strategic investments since 2016.

  
  

• Diabetes Business Divestiture: In 2018, the LifeScan diabetes business was sold to Platinum Equity for $2.1 billion, focusing on core medical technology fields.

KozakSpecifically pointed out,Transaction size is not the key; strategic fit is the core.："Whether it is10Billion USD or100"Billion-dollar deals: we only choose strategic targets that can reshape the product portfolio and ultimately benefit patients."

In addition,Private Equity in Medtech M&A Has Formed"Strategic Partner" Positioning.KozakReviewing Johnson & Johnson's Decade-Long Practice: "Each year, we systematically evaluate our investment portfolio to identify businesses that need to be strengthened for growth, maintained for leadership, or divested. Over the past decade, private equity has participated in the divestiture of most of our non-strategic businesses, becoming an indispensable part of the ecosystem." The collaboration between Medtronic and Blackstone is regarded as an industry model — private equity not only provides funding but also activates innovative projects through risk-sharing mechanisms.VantiveChief Financial OfficerJim HinrichsFrom the perspective of a participant: "Private equity can quickly drive the implementation of strategic decisions. For instance, when we collaborated with Carlyle, we consistently focused on the core issue of 'whether value could be created upon exit in three years.' This time horizon is entirely different from that of public companies but effectively addresses challenges like non-strategic business divestment and profit optimization."

In the current era of accelerating iterations in the medical technology industry, mergers and acquisitions have evolved from simple scale expansion to"Strategic Fit+Construction of Composite Capabilities for "Ecosystem Synergy." Private equity achieves this through capital injection, management optimization, and risk sharing.HowReshape the Underlying Logic of Value Creation，And helpLarge Enterprises Navigate Through Cycles，Instrument之家 will continue to follow up.。