Our five biggest M&A stories of 2024

The medical technology industry saw transformative changes in 2024 as manufacturers and private equity firms pursued strategic acquisitions to bolster their offerings and expand their market presence.

From leading imaging OEMs to some of the biggest ISOs in the business, here are the top five mergers and acquisitions of the year, based on HealthCare Business News reader engagement.

1. GE HealthCare acquires MIM Software
GE HealthCare first announced plans to acquire Cleveland-based MIM Software, a provider of imaging analytics and workflow solutions, in January. MIM’s vendor-agnostic technology is designed to streamline imaging across modalities, enabling clinicians to automate workflows, integrate theranostics for advanced cancer care, and enhance treatment planning for diseases like Alzheimer’s and coronary artery disease.

The deal closed in March, and GE began integrating its advanced quantitative imaging analytics and workflow software across its portfolio of care divisions. By April, the acquisition had opened the door to an expanded radiation therapy collaboration with Elekta.

“While this is an exciting step for both companies it’s a significant development for radiation therapy clinics and their patients,” Maurits Wolleswinkel, Elekta’s president, Linac and Software Solutions, said at the time. “This is a natural expansion of our portfolio, combining our innovative dose planning capabilities with MIM Software’s proven track record of physician-preferred tools. Clinically, it means delivering on improved automation and adaptive therapy planning, as well as greater speed and accuracy.”

2. Elekta acquires Philips’ radiotherapy planning portfolio
In May, Elekta announced its acquisition of the patent portfolio for Philips Healthcare’s Pinnacle Treatment Planning System, strengthening its Elekta ONE software suite. The move builds on a long-standing collaboration between the two companies to develop interoperable oncology solutions. Pinnacle’s scripting and planning capabilities are set to enhance Elekta’s offerings, making it competitive in both photon and proton therapy markets.

The collaboration between Elekta and Philips is not new; it dates back to June 2021, when the companies announced they were combining their capabilities to create integrated vendor-agnostic solutions to drive precision in oncology by enhancing interoperability between their systems and software.

Elekta showcased the integration of Pinnacle features into its ONE Planning platform at ESTRO 2024 in Glasgow, highlighting advancements in radiation therapy workflows.

3. Siemens Healthineers acquires Advanced Accelerator Applications from Novartis
In December, Siemens Healthineers expanded its molecular imaging capabilities with the acquisition of Advanced Accelerator Applications from Novartis. The deal adds 13 manufacturing sites across Europe to Siemens’ PETNET Solutions network, enhancing the OEM’s production and delivery of PET radiopharmaceuticals.

The newly integrated workforce of approximately 420 employees will operate as Advanced Accelerator Applications, a Siemens Healthineers company. According to Siemens, the PET diagnostics sector in the covered markets is valued at €500 million annually and is projected to triple by 2033, driven by innovations in tracers targeting oncology, neurology, and cardiology applications.

PETNET Solutions delivers nearly 1.6 million doses annually to over 2,800 imaging centers worldwide, serving as a global leader in PET radiopharmaceuticals production and distribution.

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