Major Medical Device Acquisitions Surge at the Start of 2025 Amid Strategic Industry Realignment

　　【Pharmaceutical Network Industry DynamicsAt the beginning of 2025, the global medical device industry ushered in a new round of strategic layout and technological innovation. Major medical device companies in and outside China have been actively selling businesses, reaching cooperation agreements, and undergoing mergers and reorganizations. Notably, among numerous transactions, several acquisitions involved substantial amounts of money.
 

Recently, Stryker, a global orthopedic giant, completed the acquisition of Inari Medical. On January 6, 2025, Stryker announced that it had reached a definitive agreement with Inari Medical, a company in the peripheral intervention field: to acquire all issued and outstanding shares of Inari Medical’s common stock at $80 per share in cash, with a total equity value of approximately $4.9 billion (RMB 36 billion) on a fully diluted basis.
 

Inari, founded in 2011, is a leading medical device company in the field of venous thromboembolism (VTE). Stryker stated, "After the completion of the acquisition, Inari Medical's peripheral intervention products will complement Stryker's neurovascular business products, providing patients with a richer portfolio of products and solutions."
 

On February 14, TIANYIMED announced that it plans to acquire the CRRT-filter business assets of BELLCO S.R.L. through its wholly-owned Singapore subsidiary, PRIMACRON GLOBAL PTE. LTD. The consideration for this transaction is expected to be 11.99 million euros.
 

It is reported that after the completion of this transaction, TIANYIMED will form a complete CRRT business product line and build up a CRRT product ecosystem capable of independent and closed-loop operation. This means that TIANYIMED will become the third company with a full range of CRRT products after Fresenius and Viant (formerly Baxter's renal business).
 

On January 28, Zimmer Biomet announced that it had reached a definitive agreement with Paragon 28, Inc. to acquire all outstanding common shares of Paragon 28 for $13.00 per share in cash upfront, representing an equity value of approximately $1.1 billion and an enterprise value of approximately $1.2 billion (approximately RMB 8.7 billion).
 

Paragon 28, Inc. was founded in 2010 as a medical device company focused on the foot and ankle orthopedics sector. The company offers a broad range of surgical products and product systems, covering all major foot and ankle categories, including fracture and trauma, deformity correction, and joint replacement.
 

On January 8, Boston Scientific Corporation officially announced that it had agreed to acquire Bolt Medical, Inc., a company specializing in Intravascular Lithotripsy (IVL) devices. The transaction is based on a 100% equity valuation, with an upfront valuation of $600 million. Additionally, Boston Scientific will pay up to an additional $300 million upon achieving certain regulatory milestones.
 

Bolt Medical is an innovative medical device company headquartered in Carlsbad, California, focusing on the design and development of an IVL technology platform for coronary and peripheral interventional procedures. Its innovative laser-based IVL platform fractures calcified deposits by generating acoustic pressure waves within a balloon catheter, offering new treatment options for patients with moderate to severe calcified arterial disease.
 

On January 6, Hologic announced the completion of its acquisition of Gynesonics. Hologic had announced on October 2024 the acquisition of Gynesonics for $350 million (equivalent to over 2.5 billion RMB). The acquisition of Gynesonics marks Hologic's second major acquisition within the past six months. The company completed the $310 million acquisition of Endomagnetics in July last year. It is reported that Endomagnetics is dedicated to developing wireless breast surgery localization and lymphatic tracking solutions.