Healthcare mergers and acquisitions (M&A) activity remained strong in Q2 2024, with a 10% increase in total transactions, though total deal value fell 4% from Q2 2023. The biopharma subsector led the way with 58% of deal volume. MedTech saw a significant increase in transaction value, driven largely by Johnson & Johnson’s $12 billion acquisition of Shockwave Medical. Despite some market volatility and regulatory uncertainties, large biopharma companies are expected to continue targeting commercial-stage or clinically de-risked companies.

In this article, we summarize the current trends and expectations of healthcare M&A activity in the second quarter of 2024.