ARTICLE SUMMARY:
Private equity buyers have jumped into the medical device sector in 2025, flush with capital and plans for revamping companies in an unforgiving, volatile macroenvironment. Blackstone and TPG’s take out of publicly traded Hologic is a high-profile example of the opportunity.
Private equity (PE) has been notably active in the medical device sector in 2025. PE investors have taken out or are in the process of buying five public medtech companies, including, most recently, Hologic, one of the few companies primarily focusing on women’s health. TPG and Blackstone have agreed to take the company, which had revenues slightly exceeding $4 billion in 2024, private in a deal valued at $18.3 billion. Dozens of private medical device companies have been or are in the process of being bought by PE investors as well (see Figure 1).
Manufacturers are looking for capital to grow their businesses in an expensive, uncertain lending environment, while investors are under pressure from their limited partners (LPs) to deploy the enormous amounts of capital they have raised, points out Oded Ben-Joseph, PhD, managing partner at Outcome Capital, a life-sciences-focused investment bank, adding, “LPs see private equity as an alternative investment and want that money to go to work, not sit.”
