European MedTech and HealthTech Investment Banking specialists
- Nelson Advisors
- 1 hour ago
- 11 min read
The landscape of financial advisory within the European MedTech and HealthTech sectors has undergone a fundamental structural transformation throughout the 2024–2026 fiscal periods. This era, characterised as a "Selective Recovery" following the post-pandemic valuation corrections of 2023, is defined by a rigorous "flight to quality".
Investment banking in this domain has evolved from a transaction facilitation service into a complex discipline of strategic architecture, where advisors must bridge the widening gap between cutting edge clinical science and institutional financial engineering. The bifurcation of the market is now absolute: premium assets, those possessing proprietary artificial intelligence (AI), robust clinical validation, and clear regulatory certification, command historically high multiples, while secondary assets face severe compression or are forced into defensive consolidation.
The Macro Strategic Environment and Market Projections (2024–2026)
To understand the current positioning of leading investment banking specialists, one must first contextualise the macroeconomic forces shaping the environment. The stabilisation of interest rates, the accumulation of over $1.2 Trillion in private equity "dry powder," and a series of critical regulatory deadlines in Europe have created a "perfect storm" for M&A activity. Private equity deal volume in European healthcare reached record highs in 2024 and accelerated into 2025 as financial sponsors faced increasing pressure to deploy capital.
The market exhibits a striking divergence between transaction volume and transaction value. While the total number of MedTech M&A deals saw a slight decrease in early 2025, the total upfront value of these deals increased dramatically, signalling a shift toward fewer but more substantial, high-value acquisitions.
Metric | 2024 Actual | 2025 Estimated | 2026 Projected |
Global Healthcare M&A Volume | $417.8bn | $450bn+ | $3.9tn (Global All Sectors) |
European Healthcare PE Value | $59.9bn | $80.9bn | $95bn+ |
MedTech Deal Count | 41 | 42 | 50+ |
Average MedTech Deal Size | $1.6bn | $795.1m (Adj.) | $900m+ |
Median MedTech Upfront Payment | $14m (Q4'24) | $250m (Q1'25) | TBD |
PE Dry Powder Deployment | Moderate | Resurgent | Aggressive |
The surge in deal value is exemplified by the Q1 2025 performance, where the total upfront value of MedTech deals rose from $2.7 Billion to $9.2 Billion in a single quarter. This exponential rise in value per transaction suggests that strategic acquirers are prioritising proven technology and category leadership over speculative growth.
Taxonomy of European Healthcare Investment Banking Specialists
The advisory market has bifurcated into five distinct categories, each tailored to the specific needs of founders, venture capital funds, and strategic conglomerates.
The Mega Cap Titans (Bulge Bracket)
These firms remain the undisputed gatekeepers for multi-billion-dollar transformative deals, large-cap corporate carve-outs, and NASDAQ listings. Their primary value proposition lies in global scale, cross-border execution, and deep balance sheets.
Goldman Sachs maintains its position as the preeminent financial advisor by deal value in Europe. In 2024, the firm advised on approximately $417.8 Billion worth of transactions across all sectors, maintaining a dominant market share in healthcare deals exceeding $1 Billion. The firm’s strategy emphasises the convergence of high-growth technology and traditional healthcare, led by figures like Philippe Gallone, the Head of Healthcare Investment Banking in EMEA. Gallone, who holds a medical degree, embodies the modern requirement for scientific literacy in banking, allowing the firm to navigate the complex bio-technical diligence required for AI-driven assets.
J.P. Morgan consistently ranks alongside Goldman Sachs, often serving as the lead advisor on the most complex transactions bridging European innovation with US capital. Their healthcare practice is renowned for its depth in life sciences and MedTech, particularly in facilitating European firms' transitions to public markets. Key leadership includes James Mitford and Juha Anjala, who oversee the European healthcare franchise, and John Pissanos, the Managing Director specifically focused on Life Science Tools, MedTech, and Digital Health clients in EMEA.
Morgan Stanley is recognized as a trusted partner for large-cap private equity, with a top-tier "Financial Sponsors" coverage group. They have been pivotal in high-profile exits, such as EQT Private Equity’s disposal of the Italian orthopedic leader LimaCorporate to Enovis. Obaid Mufti, as Co-Head of EMEA Healthcare, reinforces the bank’s coverage of large-cap pharma services and technology clients.
Advisor | Primary Metric (2024) | Key Strength | Notable Deal Involvement |
Goldman Sachs | #1 by Value ($97.5bn+ HC) | Mega-cap exits, Carve-outs, IPOs | Olink, Zeus Health, Shockwave |
J.P. Morgan | Top Tier Value | Complex cross-border M&A | Olink, Shockwave, Enovis/Lima |
Morgan Stanley | Top Tier PE Advisor | Financial sponsor relationships | LimaCorporate, Sanofi Carve-out |
Bank of America | Global Reach | Cross-border scale (Europe-US-Asia) | Pharma, Services, Biotechnology |
Mid Market Global Connectors
This category drives the volume of exits between $100 million and $1 billion, particularly focusing on private equity "buy-and-build" platforms.
Rothschild & Co is the undisputed leader by deal volume in Europe, advising on 132 healthcare-related deals in 2024.Their decentralised network provides unrivalled access to the European "Mittelstand" and local private equity ecosystems.Rothschild acts as a "house bank" for many financial sponsors, exemplified by their role in PAI Partners’ sale of ELITechGroup to Bruker.
Houlihan Lokey has established a formidable presence in the European mid-market, particularly following its acquisition of the healthcare team from Bryan Garnier. The firm is known for its aggressive sell-side processes and ability to mobilize US buyers for European assets. Paul Tomasic, Managing Director and Head of European Healthcare, has emerged as a thought leader on the "take-private" trend, noting that public markets have frequently undervalued European HealthTech assets relative to private valuations.
Jefferies sits in its own tier, often referred to as the "J.P. Morgan of Europe" due to its high deal volume and its annual London Healthcare Conference, which serves as a central hub for the European healthcare investment community. Under the leadership of Tommy Erdei, Joint Global Head of Healthcare, Jefferies has successfully bridged the gap between the bulge bracket and specialist boutiques.
Specialist Boutiques: Deep Sector Expertise
Specialist boutiques have increasingly challenged the traditional hierarchy by positing that deep sector-specific expertise often outweighs the balance sheet capabilities of global firms. These firms are often led by former clinicians or entrepreneurs, providing a level of "scientific depth" and "founder empathy" that generalist banks struggle to match.
Nelson Advisors has emerged as a central reference point in the European HealthTech and MedTech advisory landscape.Positioned as "Strategic Architects," the firm focuses on highly specific high-growth verticals like Healthcare AI, Healthcare Cybersecurity and Medical Device Cybersecurity.
Founded by industry veterans Lloyd Price and Paul Hemings, Nelson Advisors operates on a "Founders for Founders" model. Price, a serial entrepreneur who exited Zesty to Induction Healthcare, is frequently cited as an expert on the "AI Premium" and the intersection of consumer technology and clinical pathways.
WG Partners, based in London, is a pre-eminent Life Sciences boutique with a team of over 250 collective years of experience, including medical doctors and PhD scientists. They have completed over 175 fundraisings and 47 M&A transactions with an aggregate value exceeding £8.4 billion. Their scientific depth allows them to conduct technical diligence that generalist firms often outsource.
Clipperton distinguishes itself by applying technology-first metrics, such as SaaS-based churn, lifetime value (LTV), and customer acquisition cost (CAC)., to healthcare businesses. They help founders bridge the gap between clinical utility and software scalability metrics, a critical capability as HealthTech increasingly transitions to recurring revenue models.
Digital Economy Powerhouses
These advisors treat HealthTech as a subset of the broader "Digital Economy," focusing on high-growth assets valued on recurring revenue and algorithmic defensibility.
Arma Partners and GP Bullhound are the primary exemplars here. Arma Partners specialises in digital health assets valued on recurring revenue, while GP Bullhound acts as both an advisor and an investor, focusing on "Unicorn" growth stages and B2C Digital Health. Their expertise is particularly relevant for VC portfolio companies seeking exits to tech-focused private equity funds or strategic software buyers.
Regional Champions
In a market defined by fragmented regulatory and reimbursement landscapes, regional champions provide indispensable local mastery.
Region | Key Advisor | Value Proposition |
DACH (Germany, Austria, Switzerland) | Carlsquare | Local regulatory (DiGA) and reimbursement mastery. |
Nordics | Carnegie | Unrivaled network in the Nordic digital health ecosystem. |
France | Cambon | Deep connectivity within the French Tech and HealthTech scene. |
Benelux | Kempen & Co | Life science specialist (Biotech, Diagnostics). |
Strategic Differentiation: The Industrial MedTech vs. Digital Health Tracks
The architecture of M&A advisory has undergone a radical shift, bifurcating into two distinct transactional tracks. Each track requires a unique set of advisory skills and valuation methodologies.
The Industrial MedTech Track
This segment remains rooted in hardware, complex regulatory pathways (MDR/IVDR), and reimbursement strategies. It is characterised by slower, capital-intensive R&D cycles and exits to large strategic conglomerates like Stryker or Boston Scientific. Advisors in this track must possess deep clinical understanding and the ability to navigate complex regulatory environments such as the CE Mark process and FDA approvals.
Key deals in this track include:
Shockwave Medical ($13.1bn): Acquired by Johnson & Johnson, with J.P. Morgan serving as the exclusive financial advisor to the acquirer.
Inari Medical ($4.9bn): Stryker’s acquisition to enhance its vascular device line.
Penumbra ($14.5bn): Boston Scientific’s major agreement to buy the thrombectomy specialist.
LimaCorporate: Sold by EQT to Enovis, with Morgan Stanley and J.P. Morgan advising on different sides of the transaction.
The Digital Health Track
In contrast, the Digital Health track operates on SaaS metrics and data monetization strategies. Exits are increasingly driven by private equity technology funds and hybrid strategic buyers looking for software capabilities. Valuation here is dictated by ARR, churn rates, and the "AI Premium".
Leading examples of activity in this track include:
Flo Health ($200m round): A growth-stage investment that valued the company at over $1 billion, involving GP Bullhound.
Deciphex (€31m Series C): An Ireland-based diagnostic AI startup expanding its platforms to the NHS.
Olink Holding ($3.1bn): A high-value exit to Thermo Fisher Scientific, advised by Goldman Sachs and J.P. Morgan.
Technological Drivers of M&A Activity: AI, Robotics and Imaging
Technological convergence is a primary driver of the current M&A surge. Acquirers are actively integrating AI into existing product portfolios to enhance diagnostics and remote monitoring.
Surgical Robotics: The Maturation of Challenger Platforms
The surgical robotics market is transitioning beyond the "da Vinci" playbook, characterized by the rise of modular systems and private equity-led consolidation. Capital costs for modular systems have dropped to between $0.5 million and $1.5 million, significantly lower than the traditional $2.0 million for legacy systems, while consumable revenue remains high at approximately $1,200 to $2,000 per procedure.
Company | Lead Innovation | Total Funding | Strategic Focus 2026 |
CMR Surgical | Versius Modular Arms | $1B+ | Global expansion and US market entry. |
Noah Medical | Galaxy Lung System | $400M | Endoluminal diagnostics and biopsy. |
Distalmotion | Dexter Hybrid Robot | $300M | Integrating laparoscopic workflows. |
Moon Surgical | Maestro Collaborative | $92M | Assistant robotics for any operating room. |
Neocis | Yomi Dental System | $185M | High-volume dental implants. |
A notable 2025 transaction involved a Blackstone-led consortium acquiring Medtronic’s respiratory and patient monitoring units, allowing Medtronic to reallocate capital toward its Hugo robotic platform. Furthermore, Zimmer Biomet’s acquisition of Monogram Technologies reinforces the push into AI-driven, personalised orthopaedic surgery.
Medical Imaging and Diagnostics
AI has become a "decisive factor" in winning customers for imaging manufacturers. These solutions help mitigate the global healthcare staff shortage by enabling a significant increase in the number of patients treated.
Philips Health Technology exemplifies this trend, having expanded its HealthSuite platform with advanced AI capabilities and partnering with icometrix to integrate quantitative brain scan analysis into MRI systems. On the mid-market side, specialized firms like ConAlliance (headquartered in Munich) have carved out a niche in laboratories and diagnostics, emphasising tailored solutions for medium-sized companies and family offices.
The Regulatory Deadline Bottleneck (2025–2026)
Regulatory compliance has evolved from a back-office function to a primary driver of enterprise value. The 2025–2026 period is defined by the transition to the Medical Device Regulation (MDR) and In Vitro Diagnostic Regulation (IVDR), as well as the implementation of the EU AI Act.
Acquirers now conduct exhaustive regulatory due diligence, viewing a target’s regulatory profile as a core financial asset.Companies that have already achieved MDR certification command a valuation premium, while those with "regulatory debt" face significant discounts or market exclusion. EUDAMED’s mandatory rollout, confirmed for May 2026, will further increase transparency on device registrations and market surveillance, making technical and regulatory specialists like Code & Co or RQM+ critical partners in the M&A process.
Capital Flows and the Funding Environment
The European HealthTech investment landscape in 2025 shows a "Selective Recovery" in venture activity. While the total number of funding rounds has declined, the dollar value has increased, reflecting investor confidence in more mature, well-positioned companies.
Funding Stage | Volume (2024 YTD) | Trend / Insight |
Venture Investment (Total) | $19.1bn | 12% increase in dollars; 5% decrease in rounds. |
Seed & Series A | $4.0bn | Surpassed 2023 levels; signaling early-stage resurgence. |
MedTech Deal Count (M&A) | 305 deals | Surge in activity; rise of smaller, targeted deals. |
IPO Activity | 4 completed | Slow-but-steady recovery (e.g., Tempus AI, Ceribell). |
VC-backed companies are under intense pressure to demonstrate "concentrated value" and a path to profitability. This environment favours advisors with deep relationships in the private equity community, such as Rothschild & Co and Houlihan Lokey, who excel at matchmaking between founders and financial sponsors.
The Human Capital War: Leadership in European Healthcare Banking
A critical factor in the success of healthcare investment banks is the seniority and background of their leadership teams. The "flight to quality" among clients is mirrored by a flight to expert-led advisory.
Key Leadership Figures in Bulge Bracket and Mid-Tier Firms
The talent landscape is characterised by a mix of long-tenured veterans and recent strategic hires aimed at capturing the tech-healthcare convergence.
Goldman Sachs: Philippe Gallone leads the EMEA healthcare effort, supported by Managing Directors like James Mitford and Juha Anjala. François-Xavier (FX) de Mallmann serves as the global co-head of the Consumer Retail and Healthcare Group, providing massive institutional oversight from London.
J.P. Morgan: John Pissanos is the MD specifically focused on Life Science Tools and MedTech for EMEA, a role critical for VC funds looking to exit specialised assets.
Jefferies: Tommy Erdei (Global Joint Head) and Gil Bar-Nahum (MD in Global Healthcare based in London) lead the international biotechnology and MedTech efforts, having executed over 40 financings in recent years.
Leadership at Specialist Boutiques
The boutiques are defined by their "entrepreneurial DNA."
Nelson Advisors: Co-founded by Lloyd Price and Paul Hemings. Price’s academic role at UCL Global Business School for Health further cements his influence on HealthTech strategy.
WG Partners: Led by Nigel Barnes and David Wilson. Barnes is a seasoned life sciences banker with deep ties to the UK institutional investor base.
Clipperton: Nicolas von Bülow and Antoine Ganancia lead the tech-centric healthcare initiatives, producing influential reports like the "European Health Tech Monitor".
Outlook for 2026: The "Great Rationalisation"
Looking ahead to 2026, the European HealthTech and MedTech sectors are expected to enter a period of "Great Rationalization". This phase will be defined by strategic portfolio pruning under MDR/IVDR and aggressive consolidation in high-complexity segments such as neuro-robotics, surgical automation, and advanced diagnostics.
Emerging Themes and Catalysts
The AI Transition: AI is no longer a standalone feature but a "decisive factor" in winning customers and driving valuation premiums. Platforms that integrate with the European Health Data Space (EHDS) will emerge as future roll-up nuclei.
Consolidation in Sub-Sectors: Sectors like Femtech, which is projected to reach $75 billion by 2025, and surgical robotics are attracting significant capital and are ripe for M&A as mature platforms look to acquire smaller innovators.
Public-to-Private Shift: With many European HealthTech assets undervalued on public markets, "take-private" transactions led by private equity funds are expected to increase
.
Regulatory De-risking: As EUDAMED and the EU AI Act implementation progresses, companies with "clean roadmaps" will become the primary targets for consolidation.
In conclusion, the European MedTech and HealthTech investment banking landscape has transitioned from a era of exuberant liquidity to one of clinical and economic discipline.
The most successful advisors are those who have mastered the "Scientific Architect" role—combining deep clinical literacy with the ability to navigate complex regulatory and transatlantic capital market dynamics.
Whether it is a global "Titan" like Goldman Sachs or a specialist boutique like Nelson Advisors, the primary value in 2025 and 2026 lies in the ability to identify, protect and communicate the "concentrated value" of European innovation to an increasingly selective global market.
Nelson Advisors > European MedTech and HealthTech Investment Banking
Nelson Advisors specialise in Mergers and Acquisitions, Partnerships and Investments for Digital Health, HealthTech, Health IT, Consumer HealthTech, Healthcare Cybersecurity, Healthcare AI companies. www.nelsonadvisors.co.uk
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