In the first quarter of 2026, investors and dealmakers have announced a total of 549 healthcare transactions, a small increase over volume in Q4:25, according to LevinPro HC’s upcoming quarterly Health Care M&A Report. Below, we’ve highlighted several notable deals that stood out to our editorial team.
Boston Scientific Corp.’s purchase of Penumbra, Inc.
On January 15, Boston Scientific announced that it was acquiring Penumbra, Inc., for $14.5 billion, marking the largest deal of the year so far.
Penumbra is a thrombectomy company focused on developing technologies for challenging medical conditions such as ischemic stroke, venous thromboembolism and acute limb ischemia. Its total revenue for the fiscal year (FY) 2025 was more than $1.403 billion FY 2024 EBITDA was $266.8 million.
According to its fourth-quarter and full-year 2025 financial report, Boston generated net sales of $20.074 billion and annual EBITDA of nearly $5.34 billion.
This transaction expands Boston Scientific’s foothold in the Medical Devices field by bolstering its neurovascular and mechanical thrombectomy capabilities, which are highly coveted markets due to their significant growth and robust returns.
Kinderhook Industries’ acquisition of Enhabit
Kinderhook Industries, a private equity firm that has raised more than $10 billion of committed capital, announced that it was purchasing Enhabit, Inc. for $1.1 billion.
Enhabit, Inc. is a home health and hospice provider with headquarters in Dallas, Texas. It has a footprint spanning 249 home health locations and 117 hospice locations across 34 states. According to its most recent annual filing, Enhabit generated approximately $1.06 billion in revenue during fiscal year 2025 and reported an adjusted EBITDA of $108.5 million.
The deal highlights rising private equity demand for hospice assets. While Kinderhook has had a presence in healthcare for a long time, this transaction aligns with the company’s home health & hospice-focused interests. Home Health & Hospice’s M&A deal volume has stayed relatively the same, in a quarter-over-quarter analysis (31 deals in Q1:25 and 34 in Q1:26), proving the sector’s stability and attractiveness.
Medical University of South Carolina’s purchase of Palmetto Primary Care Physicians
Medical University of South Carolina (MUSC) reported in early March that it purchased Palmetto Primary Care Physicians (PPCP), an internal medical practice based in North Charleston, South Carolina. PPCP employs more than 400 clinical and non-clinical staff (90 physicians) throughout South Carolina and provides medical care for patients through 30 offices in four counties. Provident Healthcare Partners, LLC advised PPCP.
MUSC’s clinical health system, MUSC Health, comprises 1,600 beds, more than 100 outreach sites, the MUSC College of Medicine, the physicians’ practice plan, and nearly 275 telehealth locations. MUSC Health owns and operates eight hospitals situated in Charleston, Chester, Florence, Lancaster and Marion counties. This is MUSC’s first acquisition.
This transaction stands out in the Physician Medical Group (PMG) industry due to the number of physicians on staff. While most PMG transactions are small roll-up deals with less than 10 physicians on staff, this deal underscores how larger practices still have a presence in M&A. Additionally, this deal is an aggressive push into the PMG market by a health system. By pushing into a sector that’s typically dominated by private equity, the health system is signaling that securing market share is now more important than ever.
Florida State University’s acquisition of Tallahassee Memorial Healthcare
Florida State University (FSU) reported on February 20 that it acquired Tallahassee Memorial Healthcare (TMH), a private, not-for-profit hospital offering a variety of inpatient services, for $109 million. For the 12 months ending on September 30, 2024, TMH reported revenue of $985.5 million and EBITDA of $79.16 million. The hospital has 565 beds.
FSU is one of 12 public institutions in the State University System of Florida. According to its website, it has an operating budget of approximately $3 billion, and its research expenditures totaled an all-time high of $487 million for 2025.
This marks the most beds purchased in a U.S.-based Hospital transaction for 2026. Excluding some large hospital transactions in Asia, Hospital transactions have averaged 140 beds per deal in Q1:26.
The deal includes $109 million paid to the city over 30 years, a $250 million investment in the facility by the end of 2034, and an additional $1.7 billion in facility upgrades over the next 30 years. FSU plans to use the hospital as an anchor to create a new academic medical center and health system in the Tallahassee region, one of the few in Northwest Florida.
Celltrion’s acquisition of Branchburg, New Jersey biopharmaceutical production facility
Celltrion reported that it acquired a life science building in Branchburg, New Jersey, for $330 million.
The biopharmaceutical production facility comprises 1,601,243 square feet and was sold for $206 per square foot. Eli Lilly and Company was the seller.
Based in Incheon, South Korea, Celltrion is a leading biopharmaceutical company, specializing in the research, development and manufacture of small molecules, biosimilars and drugs. During fiscal year 2025, the company generated $2.84 billion of revenue.
This deal is one of the largest for a life sciences building in 2026 (so far), highlighting the growing trend of foreign companies (especially those based in Asia) establishing production capabilities in the United States to dodge future tariff costs.
