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Market strategy briefQ2 2026Next refresh: mid-Nov 2026

Lower Spend Concentration + Slower posture

Healthcare Services & Facilities

Lower Spend Concentration + Slower · $892B disclosed spend · led by Platform plays · activity cooling across 391 public buyers.

Attractive buyers combine visible acquisition cadence with clear service-line expansion and target sizes that fit their balance sheet.

Platform dominantSpend HHI 478Cooling -17

Disclosed acquisition spend is below the atlas median HHI (576), while recent activity is flat or cooling.

Public buyers

391

131 core (10+)

Recorded buys

3,333

700 last 3 yrs

Disclosed spend

$892B

$195B recent

Matched issuers

957

4 segments

Strategy fingerprint

How this market gets bought

Spend-weighted strategy mix from public buyers' 10-K language. Each archetype shows the buyers who lead it.

Platform 24%
Geo 23%
Bolt 17%
Horiz 16%
Tech 13%
Tuck InBolt OnPlatformGeographic ExpansionHorizontal ConsolidationVertical IntegrationTechnology AcquisitionTalent Acquisition

Tuck In

5% mix

Small additive deals folded directly into the existing business.

“The preliminary estimated fair value assigned to goodwill is primarily attributable to synergies expected to arise as a result of the NSH Merger by enhancing the growth profile and diversity of the Company across the healthcare continuum.”

Surgery Partners, Inc. (SGRY) · FY2017

Bolt On

17% mix

Mid-sized acquisitions extending the existing product or service core.

“reflecting management’s commitment to create life-enhancing innovations and to create value through partnerships”

Johnson & Johnson (JNJ) · FY2019

Platform

24% mix

Foundational deals establishing a new platform or business line.

“we acquired worldwide rights to Otezla®, the only oral, non-biologic treatment for psoriasis and psoriatic arthritis”

Amgen Inc. (AMGN) · FY2019

Geographic Expansion

23% mix

Buying density or new geographies to extend the footprint.

“Our businesses face significant competition in all of the markets in which we operate.”

UnitedHealth Group Incorporated (UNH) · FY2025

Horizontal Consolidation

16% mix

Acquiring direct competitors to consolidate the market.

“This acquisition aligns with our strategic plan to grow the Health Benefits segment”

Elevance Health, Inc. (ELV) · FY2024

Vertical Integration

1% mix

Adding upstream or downstream capability inside the value chain.

“We face integration risks in connection with our acquisition strategy.”

SNDL Inc. (SNDL) · FY2023

Technology Acquisition

13% mix

Buying products, IP, or engineering depth for capability gain.

“In December 2021 and May 2022 we announced our plans to implement a series of cost-reduction measures that when completed we expect may yield approximately $1.0 billion in expense savings. These savings are being achieved through a number of initiatives, including reductions to our workforce, the substantial elimination of our commercial ADUHELM infrastructure, the consolidation of certain real estate locations and operating efficiency gains across our selling, general and administrative and research and development functions.”

Biogen Inc. (BIIB) · FY2022

Talent Acquisition

1% mix

Acquisitions led by team or human-capital rationale.

Buyer landscape

Disclosed buyer scale by annual spend

Each bubble is a top public buyer with disclosed acquisition spend. X = average disclosed spend per active year. Y = total disclosed spend. Midlines are buyer medians. Color = dominant strategy archetype.

Below-median disclosed spend per active year, above-median total disclosed spend.Lower Annual Spend / Higher Total SpendAbove-median disclosed spend per active year, above-median total disclosed spend.Higher Annual Spend / Higher Total SpendBelow-median disclosed spend per active year, below-median total disclosed spend.Lower Annual Spend / Lower Total SpendAbove-median disclosed spend per active year, below-median total disclosed spend.Higher Annual Spend / Lower Total Spend$100K$1M$10M$100M$1B$10B$100K$1M$10M$100M$1B$10B$100Bmedian annual $30Mmedian total $73MAvg disclosed acquisition spend per active year (log) →Total disclosed spend (log)UNHUnitedHealth Group Incorporated (UNH) Geographic Expansion $114B total · $5.7B / active year 20 active years · 8 buys reportedABBVAbbVie Inc. (ABBV) Platform $72.7B total · $7.3B / active year 10 active years · 6 buys reportedPFEPfizer Inc. (PFE) Platform $63.6B total · $10.6B / active year 6 active years · 19 buys reportedAMGNAmgen Inc. (AMGN) Platform $63.2B total · $4.2B / active year 15 active years · 19 buys reportedNVSNovartis AG (NVS) Geographic Expansion $54.4B total · $6.8B / active year 8 active years · 38 buys reportedGILDGilead Sciences, Inc. (GILD) Technology Acquisition $47.4B total · $3.4B / active year 14 active years · 20 buys reportedAZNAstrazeneca PLC (AZN) Mixed strategy $41.1B total · $10.3B / active year 4 active years · 2 buys reportedBHCBausch Health Companies Inc. (BHC) Bolt On $25.3B total · $1.9B / active year 13 active years · 26 buys reportedJNJJohnson & Johnson (JNJ) Bolt On $23.2B total · $3.9B / active year 6 active years · 13 buys reportedSNYSanofi (SNY) Platform $22.7B total · $3.2B / active year 7 active years · 34 buys reportedELVElevance Health, Inc. (ELV) Horizontal Consolidation $22.7B total · $1.4B / active year 16 active years · 21 buys reportedTEVATeva Pharmaceutical Industries Limited (TEVA) Geographic Expansion $21B total · $1.6B / active year 13 active years · 4 buys reportedCVSCVS Health Corporation (CVS) Platform $17.9B total · $3B / active year 6 active years · 7 buys reportedPRGOPerrigo Company plc (PRGO) Geographic Expansion $14.6B total · $2.4B / active year 6 active years · 15 buys reportedRPRXRoyalty Pharma plc (RPRX) Platform $12.4B total · $2.1B / active year 6 active yearsLLYELI LILLY & Co (LLY) Bolt On $12.3B total · $685M / active year 18 active years · 15 buys reportedHCAHCA Healthcare, Inc. (HCA) Mixed strategy $11.7B total · $617M / active year 19 active years · 41 buys reportedCNCCentene Corporation (CNC) Geographic Expansion $11.5B total · $888M / active year 13 active years · 26 buys reportedPAHCPhibro Animal Health Corporation (PAHC) Horizontal Consolidation $10.9B total · $1.2B / active year 9 active years · 6 buys reportedJAZZJazz Pharmaceuticals plc (JAZZ) Platform $10.7B total · $2.1B / active year 5 active years · 7 buys reportedBIIBBiogen Inc. (BIIB) Technology Acquisition $9.6B total · $868M / active year 11 active years · 12 buys reportedHUMHumana Inc. (HUM) Geographic Expansion $9.4B total · $628M / active year 15 active years · 18 buys reportedTHCTenet Healthcare Corp. (THC) Geographic Expansion $7.3B total · $407M / active year 18 active years · 484 buys reportedDGXQuest Diagnostics Inc. (DGX) Geographic Expansion $7.3B total · $457M / active year 16 active years · 41 buys reportedAGENAgenus Inc. (AGEN) Geographic Expansion $7.2B total · $1.8B / active year 4 active years · 2 buys reportedELANElanco Animal Health Incorporated (ELAN) Geographic Expansion $5.4B total · $1.8B / active year 3 active years · 7 buys reportedTAKTakeda Pharmaceutical Company Limited (TAK) Platform $5.4B total · $5.4B / active year 1 active years · 3 buys reportedCOSMCosmos Health Inc. (COSM) Geographic Expansion $5.2B total · $2.6B / active year 2 active years · 6 buys reportedMRKMerck & Co., Inc. (MRK) Geographic Expansion $5.1B total · $422M / active year 12 active years · 18 buys reportedUHSUniversal Health Services, Inc. (UHS) Geographic Expansion $4.7B total · $236M / active year 20 active years · 61 buys reportedMDPediatrix Medical Group, Inc. (MD) Geographic Expansion $4.6B total · $242M / active year 19 active years · 160 buys reportedAYTUAytu Biopharma, Inc. (AYTU) Mixed strategy $4.5B total · $905M / active year 5 active years · 6 buys reportedBMYBristol-Myers Squibb Company (BMY) Bolt On $4.5B total · $279M / active year 16 active years · 20 buys reportedASTHAstrana Health, Inc. (ASTH) Geographic Expansion $4.4B total · $402M / active year 11 active years · 21 buys reportedNVCTNuvectis Pharma, Inc. (NVCT) Mixed strategy $4.1B total · $4.1B / active year 1 active years · 1 buys reportedHROWHarrow, Inc. (HROW) Technology Acquisition $4B total · $1.3B / active year 3 active years · 10 buys reportedJYNTJoint Corp (JYNT) Bolt On $3.7B total · $459M / active year 8 active years · 246 buys reportedZTSZoetis Inc. (ZTS) Bolt On $3.6B total · $363M / active year 10 active years · 16 buys reportedRVMDRevolution Medicines, Inc. (RVMD) Mixed strategy $3.4B total · $840M / active year 4 active years · 2 buys reportedHINDVyome Holdings, Inc. (HIND) Mixed strategy $3B total · $3B / active year 1 active yearsVRTXVertex Pharmaceuticals Inc. (VRTX) Platform $2.9B total · $590M / active year 5 active years · 6 buys reportedPRPHProphase Labs, Inc. (PRPH) Platform $2.9B total · $584M / active year 5 active years · 1 buys reportedGSKGSK plc (GSK) Bolt On $2.9B total · $578M / active year 5 active years · 4 buys reportedCPMVMosaic Immunoengineering, Inc. (CPMV) Geographic Expansion $2.9B total · $1.4B / active year 2 active years · 7 buys reportedPTHSPelthos Therapeutics Inc. (PTHS) Bolt On $2.8B total · $2.8B / active year 1 active years · 1 buys reportedGRUSFGrown Rogue International Inc. (GRUSF) Mixed strategy $2.7B total · $916M / active year 3 active years · 3 buys reportedCIThe Cigna Group (CI) Technology Acquisition $2.7B total · $452M / active year 6 active years · 2 buys reportedINISRadnostix Inc. (INIS) Bolt On $2.6B total · $1.3B / active year 2 active years · 3 buys reportedPRTAProthena Corporation Public Limited Company (PRTA) Technology Acquisition $2.5B total · $840M / active year 3 active years · 1 buys reportedIRWDIronwood Pharmaceuticals, Inc. (IRWD) Platform $2.5B total · $617M / active year 4 active years · 2 buys reportedSEMSelect Medical Holdings Corp. (SEM) Horizontal Consolidation $2.4B total · $142M / active year 17 active years · 5 buys reportedEHCEncompass Health Corporation (EHC) Geographic Expansion $2.4B total · $170M / active year 14 active years · 67 buys reportedELABPMGC Holdings Inc. (ELAB) Tuck In $2.2B total · $2.2B / active year 1 active years · 3 buys reportedMOHMolina Healthcare, Inc. (MOH) Geographic Expansion $2.2B total · $144M / active year 15 active years · 20 buys reportedHALOHalozyme Therapeutics, Inc. (HALO) Platform $2B total · $1B / active year 2 active years · 3 buys reportedENSGEnsign Group, Inc. (ENSG) Horizontal Consolidation $1.9B total · $129M / active year 15 active years · 313 buys reportedPCRXPacira Biosciences, Inc. (PCRX) Bolt On $1.9B total · $233M / active year 8 active years · 4 buys reportedAMNAMN Healthcare Services, Inc. (AMN) Horizontal Consolidation $1.8B total · $127M / active year 14 active years · 18 buys reportedTECHBIO-TECHNE Corp (TECH) Geographic Expansion $1.7B total · $165M / active year 10 active years · 16 buys reportedCYHCommunity Health Systems, Inc. (CYH) Horizontal Consolidation $1.6B total · $136M / active year 12 active years · 143 buys reportedEBSEmergent Biosolutions Inc. (EBS) Bolt On $1.6B total · $180M / active year 9 active years · 11 buys reportedALPSAlps Group Inc (ALPS) Mixed strategy $1.6B total · $1.6B / active year 1 active years · 1 buys reportedRXRXRecursion Pharmaceuticals, Inc. (RXRX) Technology Acquisition $1.6B total · $531M / active year 3 active years · 2 buys reportedSGRYSurgery Partners, Inc. (SGRY) Tuck In $1.5B total · $140M / active year 11 active years · 108 buys reportedLNTHLantheus Holdings, Inc. (LNTH) Technology Acquisition $1.5B total · $308M / active year 5 active years · 2 buys reportedPLSHPanacea Life Sciences Holdings, Inc. (PLSH) Platform $1.5B total · $751M / active year 2 active years · 1 buys reportedCOLLCollegium Pharmaceutical, Inc. (COLL) Geographic Expansion $1.5B total · $300M / active year 5 active years · 4 buys reportedINCYIncyte Corporation (INCY) Technology Acquisition $1.5B total · $365M / active year 4 active years · 5 buys reportedBMRNBioMarin Pharmaceutical Inc (BMRN) Platform $1.4B total · $352M / active year 4 active years · 6 buys reportedVTRSViatris Inc. (VTRS) Geographic Expansion $1.4B total · $343M / active year 4 active years · 4 buys reportedTHTarget Hospitality Corp. (TH) Geographic Expansion $1.4B total · $453M / active year 3 active years · 3 buys reportedGIFLFGrifols SA (GIFLF) Mixed strategy $1.4B total · $338M / active year 4 active yearsLGNDLigand Pharmaceuticals Incorporated (LGND) Bolt On $1.3B total · $87M / active year 15 active years · 24 buys reportedHURATuHURA Biosciences, Inc. (HURA) Platform $1.3B total · $1.3B / active year 1 active years · 3 buys reportedANIPANI Pharmaceuticals, Inc. (ANIP) Geographic Expansion $1.1B total · $125M / active year 9 active years · 10 buys reportedBNBXBNB Plus Corp. (BNBX) Technology Acquisition $1.1B total · $355M / active year 3 active years · 4 buys reportedYCBDcbdMD, INC. (YCBD) Bolt On $996M total · $199M / active year 5 active years · 6 buys reportedMNOVMedicinova, Inc. (MNOV) Technology Acquisition $918M total · $306M / active year 3 active years · 4 buys reportedCLOVClover Health Investments, Corp. (CLOV) Mixed strategy $916M total · $458M / active year 2 active years · 1 buys reportedVCYTVeracyte, Inc. (VCYT) Geographic Expansion $889M total · $178M / active year 5 active years · 6 buys reportedPMCBPharmacyte Biotech, Inc. (PMCB) Platform $883M total · $221M / active year 4 active years · 3 buys reportedPCSAProcessa Pharmaceuticals, Inc. (PCSA) Mixed strategy $850M total · $425M / active year 2 active years · 1 buys reportedHYEXHealthy Extracts Inc. (HYEX) Mixed strategy $807M total · $404M / active year 2 active years · 1 buys reportedTXMDTherapeuticsmd, Inc. (TXMD) Bolt On $770M total · $193M / active year 4 active years · 2 buys reportedTGTXTG Therapeutics, Inc. (TGTX) Platform $756M total · $378M / active year 2 active years · 2 buys reportedAMRXAmneal Pharmaceuticals, Inc. (AMRX) Horizontal Consolidation $724M total · $181M / active year 4 active years · 5 buys reportedAMPHAmphastar Pharmaceuticals, Inc. (AMPH) Geographic Expansion $717M total · $120M / active year 6 active years · 5 buys reportedSOLVSolventum Corporation (SOLV) Mixed strategy $696M total · $696M / active year 1 active years · 1 buys reportedPRSUPursuit Attractions and Hospitality, Inc. (PRSU) Geographic Expansion $694M total · $46M / active year 15 active years · 22 buys reportedLPCNLipocine Inc. (LPCN) Platform $675M total · $675M / active year 1 active years · 2 buys reportedMCUJFMedicure Inc. (MCUJF) Mixed strategy $674M total · $135M / active year 5 active years · 4 buys reportedHLYKHealthLynked Corp. (HLYK) Geographic Expansion $629M total · $157M / active year 4 active years · 3 buys reportedIONSIonis Pharmaceuticals, Inc. (IONS) Platform $625M total · $313M / active year 2 active years · 3 buys reportedTLRYTilray Brands, Inc. (TLRY) Horizontal Consolidation $623M total · $156M / active year 4 active years · 9 buys reportedRDYDr. Reddy’s Laboratories Limited (RDY) Geographic Expansion $621M total · $56M / active year 11 active years · 9 buys reportedALDXAldeyra Therapeutics, Inc. (ALDX) Platform $610M total · $610M / active year 1 active years · 1 buys reportedSUPNSupernus Pharmaceuticals, Inc. (SUPN) Technology Acquisition $607M total · $202M / active year 3 active years · 3 buys reportedALKSAlkermes plc. (ALKS) Geographic Expansion $602M total · $201M / active year 3 active years · 4 buys reportedSVASinovac Biotech Ltd. (SVA) Mixed strategy $580M total · $580M / active year 1 active years · 1 buys reportedLIFDLftd Partners Inc. (LIFD) Bolt On $546M total · $136M / active year 4 active years · 4 buys reportedSVRASavara Inc. (SVRA) Technology Acquisition $542M total · $77M / active year 7 active years · 5 buys reportedCGCCanopy Growth Corp (CGC) Geographic Expansion $538M total · $179M / active year 3 active years · 8 buys reportedAKBAAkebia Therapeutics, Inc. (AKBA) Platform $534M total · $267M / active year 2 active years · 2 buys reportedCCRNCross Country Healthcare, Inc. (CCRN) Geographic Expansion $468M total · $31M / active year 15 active years · 13 buys reportedINSMInsmed Inc. (INSM) Technology Acquisition $463M total · $66M / active year 7 active years · 10 buys reportedBNTXBioNTech SE (BNTX) Mixed strategy $457M total · $114M / active year 4 active yearsRAREUltragenyx Pharmaceutical Inc. (RARE) Platform $452M total · $113M / active year 4 active years · 3 buys reportedCNBXCnbx Pharmaceuticals Inc. (CNBX) Mixed strategy $427M total · $142M / active year 3 active years · 2 buys reportedIMVTImmunovant, Inc. (IMVT) Mixed strategy $421M total · $421M / active year 1 active years · 1 buys reportedETSTEarth Science Tech, Inc. (ETST) Geographic Expansion $417M total · $417M / active year 1 active years · 4 buys reportedMRVIMaravai LifeSciences Holdings, Inc. (MRVI) Bolt On $410M total · $68M / active year 6 active years · 6 buys reportedMNKDMannKind Corporation (MNKD) Technology Acquisition $405M total · $81M / active year 5 active years · 5 buys reportedNUVBNuvation Bio Inc. (NUVB) Bolt On $397M total · $397M / active year 1 active years · 2 buys reportedOGNOrganon & Co. (OGN) Bolt On $387M total · $129M / active year 3 active years · 4 buys reportedABUSArbutus Biopharma Corporation (ABUS) Bolt On $382M total · $382M / active year 1 active years · 3 buys reportedUSPHU S Physical Therapy Inc. (USPH) Geographic Expansion $376M total · $25M / active year 15 active years · 85 buys reportedANIXAnixa Biosciences, Inc. (ANIX) Technology Acquisition $372M total · $186M / active year 2 active years · 5 buys reportedASRTAssertio Holdings, Inc. (ASRT) Bolt On $358M total · $72M / active year 5 active years · 6 buys reportedNHCNational Healthcare Corp. (NHC) Geographic Expansion $358M total · $72M / active year 5 active years · 12 buys reportedPNTGTHE Pennant Group, Inc. (PNTG) Tuck In $356M total · $51M / active year 7 active years · 149 buys reportedVTGNVistagen Therapeutics, Inc. (VTGN) Technology Acquisition $350M total · $70M / active year 5 active years · 3 buys reportedXOMAXOMA Royalty Corp (XOMA) Bolt On $339M total · $68M / active year 5 active years · 13 buys reportedLNAILunai Bioworks, Inc. (LNAI) Horizontal Consolidation $331M total · $66M / active year 5 active years · 2 buys reportedREGNRegeneron Pharmaceuticals, Inc. (REGN) Technology Acquisition $325M total · $65M / active year 5 active years · 2 buys reportedUTHRUnited Therapeutics Corporation (UTHR) Mixed strategy $313M total · $63M / active year 5 active years · 6 buys reportedGRDXGridai Technologies Corp. (GRDX) Platform $310M total · $103M / active year 3 active years · 1 buys reportedCRMDCorMedix Inc. (CRMD) Bolt On $309M total · $309M / active year 1 active years · 1 buys reportedFOLDAmicus Therapeutics, Inc. (FOLD) Bolt On $292M total · $73M / active year 4 active years · 4 buys reportedCNTACentessa Pharmaceuticals PLC (CNTA) Platform $290M total · $290M / active year 1 active years · 11 buys reportedAGTXAgentix Corp. (AGTX) Mixed strategy $278M total · $139M / active year 2 active years · 2 buys reportedIOVAIovance Biotherapeutics, Inc. (IOVA) Platform $265M total · $133M / active year 2 active years · 2 buys reportedGHGuardant Health, Inc. (GH) Mixed strategy $244M total · $81M / active year 3 active years · 2 buys reportedTLPPFTelix Pharmaceuticals Limited (TLPPF) Vertical Integration $241M total · $121M / active year 2 active years · 4 buys reportedSNTISenti Biosciences, Inc. (SNTI) Platform $240M total · $240M / active year 1 active years · 1 buys reportedALMSAlumis Inc. (ALMS) Mixed strategy $238M total · $238M / active year 1 active years · 1 buys reportedVNDAVanda Pharmaceuticals Inc. (VNDA) Technology Acquisition $230M total · $77M / active year 3 active years · 1 buys reportedTOVXTheriva Biologics, Inc. (TOVX) Platform $228M total · $57M / active year 4 active years · 3 buys reportedLFCRLifecore Biomedical, Inc. (LFCR) Geographic Expansion $225M total · $28M / active year 8 active years · 8 buys reportedTVTXTravere Therapeutics, Inc. (TVTX) Platform $223M total · $45M / active year 5 active years · 6 buys reportedNGNENeurogene Inc. (NGNE) Platform $214M total · $53M / active year 4 active years · 1 buys reportedMIRMMirum Pharmaceuticals, Inc. (MIRM) Platform $213M total · $213M / active year 1 active years · 2 buys reportedKAYSKaya Holdings, Inc. (KAYS) Geographic Expansion $197M total · $98M / active year 2 active years · 1 buys reportedIRONDisc Medicine, Inc. (IRON) Platform $196M total · $196M / active year 1 active yearsPTCTPTC Therapeutics, Inc. (PTCT) Platform $195M total · $49M / active year 4 active years · 4 buys reportedPGENPrecigen, Inc. (PGEN) Technology Acquisition $195M total · $39M / active year 5 active years · 2 buys reportedOPKOPKO Health, Inc. (OPK) Platform $188M total · $17M / active year 11 active years · 20 buys reportedCRONCronos Group Inc. (CRON) Geographic Expansion $185M total · $92M / active year 2 active years · 3 buys reportedLFSTLifeStance Health Group, Inc. (LFST) Geographic Expansion $180M total · $60M / active year 3 active years · 37 buys reportedGTBIFGreen Thumb Industries Inc. (GTBIF) Geographic Expansion $178M total · $45M / active year 4 active years · 15 buys reportedABCLAbCellera Biologics Inc. (ABCL) Technology Acquisition $177M total · $59M / active year 3 active years · 1 buys reportedELDNEledon Pharmaceuticals, Inc. (ELDN) Platform $174M total · $87M / active year 2 active years · 2 buys reportedSRPTSarepta Therapeutics, Inc. (SRPT) Technology Acquisition $173M total · $173M / active year 1 active years · 2 buys reportedXERSXeris Biopharma Holdings, Inc. (XERS) Platform $169M total · $169M / active year 1 active years · 1 buys reportedNVAXNovavax, Inc. (NVAX) Platform $167M total · $84M / active year 2 active years · 2 buys reportedCPRXCatalyst Pharmaceuticals, Inc. (CPRX) Technology Acquisition $160M total · $160M / active year 1 active years · 2 buys reportedINVAInnoviva, Inc. (INVA) Mixed strategy $159M total · $159M / active year 1 active years · 2 buys reportedCCMConcord Medical Services Holdings Ltd (CCM) Platform $159M total · $32M / active year 5 active years · 2 buys reportedBSPKBespoke Extracts, Inc. (BSPK) Bolt On $152M total · $30M / active year 5 active years · 2 buys reportedERNAErnexa Therapeutics Inc. (ERNA) Bolt On $151M total · $30M / active year 5 active years · 4 buys reportedFCHSFirst Choice Healthcare Solutions, Inc. (FCHS) Bolt On $147M total · $73M / active year 2 active years · 1 buys reportedDWTXDogwood Therapeutics, Inc. (DWTX) Mixed strategy $143M total · $71M / active year 2 active years · 2 buys reportedMTNBMatinas Biopharma Holdings, Inc. (MTNB) Technology Acquisition $142M total · $47M / active year 3 active years · 3 buys reportedSNNCSibannac, Inc. (SNNC) Bolt On $139M total · $139M / active year 1 active years · 6 buys reportedGRCEGrace Therapeutics, Inc. (GRCE) Mixed strategy $132M total · $44M / active year 3 active years · 2 buys reportedINDVIndivior Pharmaceuticals, Inc. (INDV) Mixed strategy $129M total · $65M / active year 2 active years · 2 buys reportedRCKTRocket Pharmaceuticals, Inc. (RCKT) Platform $129M total · $64M / active year 2 active years · 2 buys reportedPETSPetmed Express, Inc. (PETS) Geographic Expansion $126M total · $32M / active year 4 active years · 2 buys reportedADMAAdma Biologics, Inc. (ADMA) Vertical Integration $120M total · $60M / active year 2 active years · 1 buys reportedCARMCarisma Therapeutics Inc. (CARM) Platform $119M total · $60M / active year 2 active years · 1 buys reportedALPAlphaTON Capital Corp (ALP) Platform $116M total · $23M / active year 5 active years · 6 buys reportedVYNEVyne Therapeutics Inc. (VYNE) Platform $111M total · $111M / active year 1 active years · 1 buys reportedCHEChemed Corporation (CHE) Mixed strategy $109M total · $27M / active year 4 active years · 11 buys reportedONCOOnconetix, Inc. (ONCO) Mixed strategy $106M total · $53M / active year 2 active yearsORMPOramed Pharmaceuticals Inc. (ORMP) Technology Acquisition $105M total · $105M / active year 1 active years · 2 buys reportedAXIMAxim Biotechnologies, Inc. (AXIM) Technology Acquisition $105M total · $52M / active year 2 active years · 2 buys reportedMBRXMoleculin Biotech, Inc. (MBRX) Mixed strategy $100M total · $100M / active year 1 active yearsTSNDFTerrascend Corp. (TSNDF) Horizontal Consolidation $98M total · $20M / active year 5 active years · 5 buys reportedVRDNViridian Therapeutics, Inc.\DE (VRDN) Technology Acquisition $97M total · $97M / active year 1 active years · 2 buys reportedCHRSCoherus Oncology, Inc. (CHRS) Technology Acquisition $97M total · $24M / active year 4 active years · 3 buys reportedSBFMSunshine Biopharma Inc. (SBFM) Technology Acquisition $95M total · $24M / active year 4 active years · 3 buys reportedZVSAZyversa Therapeutics, Inc. (ZVSA) Mixed strategy $91M total · $91M / active year 1 active yearsRYTMRhythm Pharmaceuticals, Inc. (RYTM) Technology Acquisition $91M total · $23M / active year 4 active years · 2 buys reportedAAWHAscend Wellness Holdings, Inc. (AAWH) Geographic Expansion $90M total · $18M / active year 5 active years · 7 buys reportedDNAGinkgo Bioworks Holdings, Inc. (DNA) Bolt On $88M total · $44M / active year 2 active years · 7 buys reportedACETAdicet Bio, Inc. (ACET) Mixed strategy $87M total · $87M / active year 1 active years · 1 buys reportedSGMOSangamo Therapeutics, Inc. (SGMO) Technology Acquisition $85M total · $12M / active year 7 active years · 5 buys reportedMRNAModerna, Inc. (MRNA) Geographic Expansion $85M total · $85M / active year 1 active years · 1 buys reportedQNCXQuince Therapeutics, Inc. (QNCX) Bolt On $83M total · $42M / active year 2 active years · 2 buys reportedSNDLSNDL Inc. (SNDL) Vertical Integration $80M total · $40M / active year 2 active yearsCYPHCypherpunk Technologies Inc. (CYPH) Mixed strategy $79M total · $79M / active year 1 active years · 1 buys reportedBEAMBeam Therapeutics Inc. (BEAM) Technology Acquisition $79M total · $39M / active year 2 active years · 1 buys reportedVXRTVaxart, Inc. (VXRT) Geographic Expansion $77M total · $19M / active year 4 active years · 3 buys reportedAPREAprea Therapeutics, Inc. (APRE) Mixed strategy $76M total · $76M / active year 1 active years · 1 buys reportedDCGODocgo Inc. (DCGO) Geographic Expansion $76M total · $15M / active year 5 active years · 12 buys reportedHRMYHarmony Biosciences Holdings, Inc. (HRMY) Platform $74M total · $25M / active year 3 active years · 2 buys reportedLYELLyell Immunopharma, Inc. (LYEL) Technology Acquisition $73M total · $36M / active year 2 active years · 2 buys reportedLSTALisata Therapeutics, Inc. (LSTA) Platform $72M total · $14M / active year 5 active years · 8 buys reportedABEOAbeona Therapeutics Inc. (ABEO) Mixed strategy $70M total · $23M / active year 3 active years · 5 buys reportedOBIOOrchestra BioMed Holdings, Inc. (OBIO) Platform $70M total · $70M / active year 1 active years · 1 buys reportedENDVEndonovo Therapeutics, Inc. (ENDV) Mixed strategy $68M total · $17M / active year 4 active years · 1 buys reportedWINTWindtree Therapeutics Inc. (WINT) Platform $68M total · $68M / active year 1 active years · 1 buys reportedKMDAKamada Ltd. (KMDA) Geographic Expansion $66M total · $11M / active year 6 active years · 2 buys reportedVERUVeru Inc. (VERU) Technology Acquisition $66M total · $33M / active year 2 active years · 1 buys reportedADILAdial Pharmaceuticals, Inc. (ADIL) Bolt On $62M total · $21M / active year 3 active years · 2 buys reportedTLPHTalphera, Inc. (TLPH) Mixed strategy $60M total · $30M / active year 2 active years · 2 buys reportedETONEton Pharmaceuticals, Inc. (ETON) Bolt On $60M total · $30M / active year 2 active years · 7 buys reportedIMNNImunon, Inc. (IMNN) Mixed strategy $58M total · $19M / active year 3 active years · 3 buys reportedMREOMereo Biopharma Group PLC (MREO) Mixed strategy $58M total · $19M / active year 3 active yearsALTAltimmune, Inc. (ALT) Platform $57M total · $19M / active year 3 active years · 2 buys reportedPLNHPlanet 13 Holdings Inc. (PLNH) Geographic Expansion $57M total · $28M / active year 2 active years · 2 buys reportedQUREuniQure N.V. (QURE) Technology Acquisition $55M total · $18M / active year 3 active years · 3 buys reportedAXSMAxsome Therapeutics, Inc. (AXSM) Platform $53M total · $53M / active year 1 active years · 1 buys reportedEYPTEyePoint, Inc. (EYPT) Platform $52M total · $13M / active year 4 active years · 4 buys reportedALXOALX Oncology Holdings Inc. (ALXO) Bolt On $52M total · $52M / active year 1 active years · 1 buys reportedIGCIGC Pharma, Inc. (IGC) Geographic Expansion $52M total · $13M / active year 4 active years · 5 buys reportedGRTXGalera Therapeutics, Inc. (GRTX) Platform $50M total · $25M / active year 2 active years · 1 buys reportedIPSCCentury Therapeutics, Inc. (IPSC) Platform $49M total · $25M / active year 2 active years · 2 buys reportedIMAImageneBio, Inc. (IMA) Tuck In $48M total · $48M / active year 1 active years · 2 buys reportedBRNSBarinthus Biotherapeutics PLC (BRNS) Platform $47M total · $24M / active year 2 active years · 2 buys reportedBETRFBetterlife Pharma Inc. (BETRF) Mixed strategy $47M total · $24M / active year 2 active years · 5 buys reportedEQEquillium, Inc. (EQ) Bolt On $46M total · $46M / active year 1 active years · 1 buys reportedAIMDAinos, Inc. (AIMD) Mixed strategy $46M total · $23M / active year 2 active years · 1 buys reportedZVRAZevra Therapeutics, Inc. (ZVRA) Mixed strategy $45M total · $22M / active year 2 active yearsCVSICV Sciences, Inc. (CVSI) Geographic Expansion $44M total · $9M / active year 5 active years · 6 buys reportedABVCAbvc Biopharma, Inc. (ABVC) Platform $44M total · $44M / active year 1 active years · 1 buys reportedNBIXNeurocrine Biosciences, Inc. (NBIX) Technology Acquisition $43M total · $43M / active year 1 active years · 5 buys reportedMBIOMustang Bio, Inc. (MBIO) Technology Acquisition $43M total · $9M / active year 5 active yearsELOXEloxx Pharmaceuticals, Inc. (ELOX) Mixed strategy $42M total · $21M / active year 2 active years · 3 buys reportedLQDALiquidia Corporation (LQDA) Platform $42M total · $21M / active year 2 active years · 2 buys reportedCPIXCumberland Pharmaceuticals Inc. (CPIX) Bolt On $41M total · $10M / active year 4 active years · 3 buys reportedENVBEnveric Biosciences, Inc. (ENVB) Bolt On $40M total · $13M / active year 3 active years · 8 buys reportedCEROCero Therapeutics Holdings, Inc. (CERO) Mixed strategy $40M total · $40M / active year 1 active yearsMDXGMimedx Group, Inc. (MDXG) Platform $38M total · $6M / active year 6 active years · 3 buys reportedARDTArdent Health, Inc. (ARDT) Horizontal Consolidation $38M total · $19M / active year 2 active years · 18 buys reportedOCSOculis Holding AG (OCS) Platform $37M total · $37M / active year 1 active years · 1 buys reportedMLECMoolec Science SA (MLEC) Platform $37M total · $18M / active year 2 active years · 4 buys reportedDAREDare Bioscience, Inc. (DARE) Mixed strategy $37M total · $12M / active year 3 active years · 1 buys reportedABSIAbsci Corp. (ABSI) Technology Acquisition $36M total · $18M / active year 2 active years · 2 buys reportedVRNOVerano Holdings Corp. (VRNO) Vertical Integration $36M total · $36M / active year 1 active years · 3 buys reportedZBIOZenas Biopharma, Inc. (ZBIO) Technology Acquisition $35M total · $35M / active year 1 active yearsNERVMinerva Neurosciences, Inc. (NERV) Mixed strategy $33M total · $17M / active year 2 active years · 1 buys reportedINMBInmune BIO Inc. (INMB) Mixed strategy $32M total · $16M / active year 2 active yearsKZIAKazia Therapeutics Limited. (KZIA) Mixed strategy $31M total · $10M / active year 3 active years · 4 buys reportedCRVOCervoMed Inc. (CRVO) Bolt On $30M total · $8M / active year 4 active years · 2 buys reportedIMNMImmunome, Inc. (IMNM) Bolt On $29M total · $15M / active year 2 active years · 1 buys reportedDFTXDefinium Therapeutics, Inc. (DFTX) Technology Acquisition $28M total · $14M / active year 2 active years · 1 buys reportedSRXHSRx HEALTH SOLUTIONS, INC. (SRXH) Mixed strategy $28M total · $9M / active year 3 active years · 1 buys reportedMRMDMarimed Inc. (MRMD) Geographic Expansion $27M total · $4M / active year 6 active years · 8 buys reportedLXRXLexicon Pharmaceuticals, Inc. (LXRX) Mixed strategy $26M total · $9M / active year 3 active years · 3 buys reportedRMTIRockwell Medical, Inc. (RMTI) Geographic Expansion $26M total · $9M / active year 3 active years · 2 buys reportedRLAYRelay Therapeutics, Inc. (RLAY) Technology Acquisition $25M total · $25M / active year 1 active years · 1 buys reportedMDXHMdxhealth SA (MDXH) Horizontal Consolidation $25M total · $25M / active year 1 active years · 1 buys reportedHYFTMindWalk Holdings Corp. (HYFT) Technology Acquisition $25M total · $25M / active year 1 active years · 1 buys reportedSKYISKY Century Investment, Inc. (SKYI) Mixed strategy $24M total · $24M / active year 1 active yearsTNXPTonix Pharmaceuticals Holding Corp. (TNXP) Technology Acquisition $23M total · $12M / active year 2 active years · 4 buys reportedBTMDbiote Corp. (BTMD) Mixed strategy $22M total · $11M / active year 2 active years · 3 buys reportedCGONCG Oncology, Inc. (CGON) Vertical Integration $22M total · $22M / active year 1 active years · 1 buys reportedDRIODariohealth Corp. (DRIO) Bolt On $22M total · $5M / active year 4 active years · 4 buys reportedINCRIntercure Ltd. (INCR) Mixed strategy $22M total · $7M / active year 3 active yearsPYXSPyxis Oncology, Inc. (PYXS) Platform $21M total · $11M / active year 2 active years · 2 buys reportedJUSHFJushi Holdings Inc. (JUSHF) Mixed strategy $21M total · $21M / active year 1 active yearsIMMPImmutep Limited (IMMP) Platform $21M total · $21M / active year 1 active years · 1 buys reportedCDXSCodexis, Inc. (CDXS) Technology Acquisition $21M total · $21M / active year 1 active years · 1 buys reportedARWRArrowhead Pharmaceuticals, Inc. (ARWR) Technology Acquisition $21M total · $5M / active year 4 active years · 8 buys reportedBGMSBIO Green MED Solution, Inc. (BGMS) Mixed strategy $19M total · $4M / active year 5 active years · 2 buys reportedDNLIDenali Therapeutics Inc. (DNLI) Technology Acquisition $18M total · $18M / active year 1 active years · 1 buys reportedFBIOFortress Biotech, Inc. (FBIO) Mixed strategy $18M total · $4M / active year 5 active years · 2 buys reportedDMRADamora Therapeutics, Inc. (DMRA) Technology Acquisition $17M total · $17M / active year 1 active years · 2 buys reportedIMDXInsight Molecular Diagnostics Inc. (IMDX) Bolt On $17M total · $9M / active year 2 active years · 1 buys reportedNTRBNutriband Inc. (NTRB) Technology Acquisition $17M total · $4M / active year 4 active years · 4 buys reportedMGTXMeiraGTx Holdings plc (MGTX) Technology Acquisition $17M total · $3M / active year 5 active years · 4 buys reportedXBIOXenetic Biosciences, Inc. (XBIO) Platform $17M total · $6M / active year 3 active years · 3 buys reportedADXNAddex Therapeutics Ltd. (ADXN) Mixed strategy $16M total · $16M / active year 1 active years · 1 buys reportedIMRXImmuneering Corporation (IMRX) Bolt On $16M total · $8M / active year 2 active years · 2 buys reportedGRDNGuardian Pharmacy Services, Inc. (GRDN) Mixed strategy $16M total · $8M / active year 2 active yearsCYDYCytodyn Inc. (CYDY) Technology Acquisition $15M total · $8M / active year 2 active yearsCALCCalciMedica, Inc. (CALC) Technology Acquisition $15M total · $15M / active year 1 active years · 4 buys reportedIPHAInnate Pharma SA (IPHA) Mixed strategy $15M total · $7M / active year 2 active yearsMNPRMonopar Therapeutics Inc. (MNPR) Mixed strategy $15M total · $15M / active year 1 active years · 1 buys reportedPHARPharming Group N.V. (PHAR) Platform $14M total · $7M / active year 2 active years · 1 buys reportedCWLXFC21 Investments Inc. (CWLXF) Mixed strategy $14M total · $7M / active year 2 active yearsCSCIFCOSCIENS Biopharma Inc. (CSCIF) Mixed strategy $13M total · $13M / active year 1 active years · 1 buys reportedSMMTSummit Therapeutics Inc. (SMMT) Technology Acquisition $13M total · $7M / active year 2 active years · 1 buys reportedINOInovio Pharmaceuticals, Inc. (INO) Technology Acquisition $13M total · $4M / active year 3 active years · 3 buys reportedVALNValneva SE (VALN) Mixed strategy $13M total · $6M / active year 2 active yearsCWBHFCharlotte’s Web Holdings, Inc. (CWBHF) Mixed strategy $11M total · $11M / active year 1 active yearsCLDXCelldex Therapeutics, Inc. (CLDX) Technology Acquisition $11M total · $11M / active year 1 active years · 2 buys reportedKTTAPasithea Therapeutics Corp. (KTTA) Technology Acquisition $11M total · $5M / active year 2 active yearsRIGLRigel Pharmaceuticals Inc. (RIGL) Technology Acquisition $10M total · $10M / active year 1 active years · 2 buys reportedVERAVera Therapeutics, Inc. (VERA) Technology Acquisition $10M total · $5M / active year 2 active yearsALNYAlnylam Pharmaceuticals, Inc. (ALNY) Technology Acquisition $10M total · $10M / active year 1 active years · 2 buys reportedSLDBSolid Biosciences Inc. (SLDB) Mixed strategy $9M total · $9M / active year 1 active years · 2 buys reportedCPMDCannapharmarx, Inc. (CPMD) Mixed strategy $9M total · $9M / active year 1 active yearsPTIXProtagenic Therapeutics, Inc.\new (PTIX) Bolt On $9M total · $4M / active year 2 active years · 3 buys reportedBMGLBasel Medical Group Ltd (BMGL) Geographic Expansion $9M total · $9M / active year 1 active years · 1 buys reportedOSTXOS Therapies Incorporated (OSTX) Mixed strategy $8M total · $8M / active year 1 active years · 1 buys reportedAURXNUO Therapeutics, Inc. (AURX) Geographic Expansion $8M total · $4M / active year 2 active years · 2 buys reportedSANASana Biotechnology, Inc. (SANA) Horizontal Consolidation $8M total · $8M / active year 1 active years · 1 buys reportedGOSSGossamer Bio, Inc. (GOSS) Mixed strategy $8M total · $8M / active year 1 active years · 2 buys reportedQNTMQuantum BioPharma Ltd. (QNTM) Platform $7M total · $7M / active year 1 active years · 1 buys reportedIKTInhibikase Therapeutics, Inc. (IKT) Mixed strategy $7M total · $7M / active year 1 active yearsLCTXLineage Cell Therapeutics, Inc. (LCTX) Bolt On $6M total · $3M / active year 2 active years · 3 buys reportedORGOOrganogenesis Holdings Inc. (ORGO) Tuck In $6M total · $6M / active year 1 active years · 1 buys reportedTSHATaysha Gene Therapies, Inc. (TSHA) Technology Acquisition $6M total · $6M / active year 1 active years · 2 buys reportedPIIIP3 Health Partners Inc. (PIII) Bolt On $6M total · $6M / active year 1 active years · 2 buys reportedNMRANeumora Therapeutics, Inc. (NMRA) Technology Acquisition $5M total · $3M / active year 2 active yearsCELZCreative Medical Technology Holdings, Inc. (CELZ) Mixed strategy $5M total · $5M / active year 1 active years · 2 buys reportedTALKTalkspace, Inc. (TALK) Mixed strategy $5M total · $5M / active year 1 active years · 1 buys reportedCOEPCoeptis Therapeutics Holdings, Inc. (COEP) Mixed strategy $5M total · $5M / active year 1 active yearsINNVInnovAge Holding Corp. (INNV) Tuck In $5M total · $5M / active year 1 active years · 2 buys reportedAKANAkanda Corp. (AKAN) Mixed strategy $5M total · $2M / active year 2 active years · 3 buys reportedEDSAEdesa Biotech, Inc. (EDSA) Platform $5M total · $5M / active year 1 active yearsMDCXMedicus Pharma Ltd. (MDCX) Mixed strategy $5M total · $5M / active year 1 active years · 1 buys reportedCLYMClimb Bio, Inc. (CLYM) Bolt On $5M total · $5M / active year 1 active years · 1 buys reportedQSIQuantum-si Incorporated (QSI) Platform $5M total · $5M / active year 1 active years · 1 buys reportedPHGEBiomx Inc. (PHGE) Platform $5M total · $5M / active year 1 active years · 1 buys reportedEVOEvotec SE (EVO) Mixed strategy $4M total · $2M / active year 2 active years · 1 buys reportedRMTGRegenerative Medical Technology Group Inc. (RMTG) Geographic Expansion $4M total · $2M / active year 2 active yearsALHCAlignment Healthcare, Inc. (ALHC) Mixed strategy $4M total · $4M / active year 1 active yearsOGENOragenics, Inc. (OGEN) Platform $4M total · $2M / active year 2 active years · 4 buys reportedKALAKALA BIO, Inc. (KALA) Platform $4M total · $4M / active year 1 active years · 2 buys reportedINMInmed Pharmaceuticals Inc. (INM) Bolt On $4M total · $4M / active year 1 active years · 1 buys reportedTRAWTraws Pharma, Inc. (TRAW) Mixed strategy $4M total · $4M / active year 1 active yearsAIXCAIxCrypto Holdings, Inc. (AIXC) Mixed strategy $4M total · $4M / active year 1 active yearsFBRXForte Biosciences, Inc. (FBRX) Platform $4M total · $4M / active year 1 active yearsPPBTPurple Biotech Ltd. (PPBT) Platform $4M total · $4M / active year 1 active years · 4 buys reportedVREOFVireo Growth Inc. (VREOF) Geographic Expansion $4M total · $4M / active year 1 active years · 1 buys reportedCANNTrees Corporation (CANN) Geographic Expansion $3M total · $1M / active year 3 active years · 3 buys reportedPALIPalisade Bio, Inc. (PALI) Mixed strategy $3M total · $3M / active year 1 active years · 1 buys reportedURGNUroGen Pharma Ltd. (URGN) Technology Acquisition $3M total · $3M / active year 1 active years · 1 buys reportedSCLXScilex Holding Co (SCLX) Technology Acquisition $3M total · $1M / active year 3 active years · 1 buys reportedDCOYDecoy Therapeutics Inc. (DCOY) Technology Acquisition $3M total · $2M / active year 2 active years · 3 buys reportedSHPHShuttle Pharmaceuticals Holdings, Inc. (SHPH) Technology Acquisition $3M total · $3M / active year 1 active years · 1 buys reportedSYRESpyre Therapeutics, Inc. (SYRE) Technology Acquisition $3M total · $3M / active year 1 active years · 1 buys reportedRLMDRelmada Therapeutics, Inc. (RLMD) Mixed strategy $3M total · $3M / active year 1 active years · 4 buys reportedAMSAmerican Shared Hospital Services (AMS) Mixed strategy $3M total · $3M / active year 1 active yearsIBRXImmunitybio, Inc. (IBRX) Geographic Expansion $3M total · $1M / active year 2 active years · 1 buys reportedITHUFiAnthus Capital Holdings, Inc. (ITHUF) Mixed strategy $3M total · $1M / active year 2 active years · 3 buys reportedSPRCScisparc Ltd. (SPRC) Talent Acquisition $3M total · $3M / active year 1 active years · 1 buys reportedPSTVPlus Therapeutics, Inc. (PSTV) Technology Acquisition $2M total · $1M / active year 2 active years · 2 buys reportedLVRLFCordovacann Corp. (LVRLF) Bolt On $2M total · $1M / active year 2 active years · 3 buys reportedSIGYSigyn Therapeutics, Inc. (SIGY) Geographic Expansion $2M total · $1M / active year 2 active years · 2 buys reportedNRXPNRX Pharmaceuticals, Inc. (NRXP) Platform $2M total · $2M / active year 1 active years · 1 buys reportedBIVIBiovie Inc. (BIVI) Platform $2M total · $2M / active year 1 active years · 2 buys reportedKOANResonate Blends, Inc. (KOAN) Platform $2M total · $2M / active year 1 active years · 3 buys reportedCLRBCellectar Biosciences, Inc. (CLRB) Bolt On $2M total · $2M / active year 1 active years · 2 buys reportedXCURExicure, Inc. (XCUR) Platform $2M total · $2M / active year 1 active years · 1 buys reportedKYNBKyntra Bio, Inc. (KYNB) Technology Acquisition $2M total · $2M / active year 1 active years · 1 buys reportedALLOAllogene Therapeutics, Inc. (ALLO) Technology Acquisition $2M total · $2M / active year 1 active yearsAVTXAvalo Therapeutics, Inc. (AVTX) Technology Acquisition $2M total · $1M / active year 2 active years · 6 buys reportedCNTXContext Therapeutics Inc. (CNTX) Mixed strategy $2M total · $2M / active year 1 active years · 1 buys reportedEVFMEvofem Biosciences, Inc. (EVFM) Platform $2M total · $2M / active year 1 active years · 2 buys reportedIBIOiBio, Inc. (IBIO) Technology Acquisition $2M total · $800K / active year 2 active years · 1 buys reportedJAGXJaguar Health, Inc. (JAGX) Platform $2M total · $2M / active year 1 active years · 2 buys reportedSLNOSoleno Therapeutics Inc. (SLNO) Platform $2M total · $800K / active year 2 active years · 2 buys reportedNWBONorthwest Biotherapeutics Inc. (NWBO) Talent Acquisition $2M total · $2M / active year 1 active years · 1 buys reportedVCELVericel Corporation (VCEL) Geographic Expansion $1M total · $1M / active year 1 active years · 5 buys reportedBEIGFBeone Medicines Ltd. (BEIGF) Mixed strategy $1M total · $650K / active year 2 active years · 1 buys reportedBUDZWeed, Inc. (BUDZ) Mixed strategy $1M total · $600K / active year 2 active years · 1 buys reportedCMPSCompass Pathways PLC (CMPS) Technology Acquisition $1M total · $1M / active year 1 active years · 1 buys reportedRGCRegencell Bioscience Holdings Limited (RGC) Mixed strategy $1M total · $1M / active year 1 active yearsLFMDLifemd, Inc. (LFMD) Bolt On $1M total · $1M / active year 1 active years · 2 buys reportedHCMHutchMED (China) LIMITED (HCM) Mixed strategy $1M total · $500K / active year 2 active years · 1 buys reportedSTEKStemtech Corporation (STEK) Mixed strategy $900K total · $300K / active year 3 active years · 1 buys reportedAVCRFAvricore Health Inc. (AVCRF) Mixed strategy $900K total · $300K / active year 3 active years · 4 buys reportedXAGELongevity Health Holdings, Inc. (XAGE) Bolt On $800K total · $400K / active year 2 active years · 1 buys reportedNAUTNautilus Biotechnology, Inc. (NAUT) Mixed strategy $800K total · $800K / active year 1 active years · 1 buys reportedELTPElite Pharmaceuticals, Inc. (ELTP) Mixed strategy $700K total · $350K / active year 2 active years · 2 buys reportedRZLTRezolute, Inc. (RZLT) Bolt On $600K total · $300K / active year 2 active years · 1 buys reportedNTHINeOnc Technologies Holdings, Inc. (NTHI) Technology Acquisition $500K total · $500K / active year 1 active years · 1 buys reportedHEPAHepion Pharmaceuticals, Inc. (HEPA) Platform $500K total · $500K / active year 1 active years · 2 buys reportedNBYStablecoin Development Corporation (NBY) Bolt On $500K total · $500K / active year 1 active years · 1 buys reportedTPSTTempest Therapeutics, Inc. (TPST) Mixed strategy $500K total · $500K / active year 1 active yearsPLURPluri Inc. (PLUR) Platform $400K total · $400K / active year 1 active years · 1 buys reportedLIXTLixte Biotechnology Holdings, Inc. (LIXT) Platform $400K total · $400K / active year 1 active years · 1 buys reportedHITIHigh Tide Inc. (HITI) Mixed strategy $400K total · $400K / active year 1 active years · 1 buys reportedGHRSGH Research PLC (GHRS) Mixed strategy $400K total · $400K / active year 1 active yearsICCCImmuCell Corporation (ICCC) Technology Acquisition $400K total · $400K / active year 1 active years · 1 buys reportedKPHMWKiora Pharmaceuticals, Inc. (KPHMW) Technology Acquisition $300K total · $150K / active year 2 active years · 2 buys reportedAIBTAibotics, Inc. (AIBT) Mixed strategy $300K total · $300K / active year 1 active yearsOWPCONE World Products, Inc. (OWPC) Platform $300K total · $300K / active year 1 active years · 1 buys reportedMAJIGRN Holding Corp (MAJI) Mixed strategy $300K total · $300K / active year 1 active years · 1 buys reportedNASCCan B Corp. (NASC) Geographic Expansion $200K total · $100K / active year 2 active years · 1 buys reportedSNSESensei Biotherapeutics, Inc. (SNSE) Mixed strategy $200K total · $200K / active year 1 active years · 2 buys reportedSILOSilo Pharma, Inc. (SILO) Mixed strategy $200K total · $200K / active year 1 active years · 1 buys reportedCUECue Biopharma, Inc. (CUE) Technology Acquisition $200K total · $200K / active year 1 active yearsSNGXSoligenix, Inc. (SNGX) Technology Acquisition $200K total · $200K / active year 1 active years · 1 buys reportedCOCPCocrystal Pharma, Inc. (COCP) Mixed strategy $200K total · $200K / active year 1 active years · 1 buys reportedALVOAlvotech (ALVO) Mixed strategy $100K total · $100K / active year 1 active yearsRNTXRein Therapeutics, Inc. (RNTX) Platform $100K total · $100K / active year 1 active years · 1 buys reportedNTRRNeutra Corp. (NTRR) Mixed strategy $100K total · $100K / active year 1 active years · 1 buys reported
BuyerDominant playDisclosed spendSpend / yrBuys3-yr spend trend
UnitedHealth Group IncorporatedUNHGeographic Expansion
$114B
$5.7B8

Steady

-16%

AbbVie Inc.ABBVPlatform
$72.7B
$7.3B6

Cooling

-54%

Pfizer Inc.PFEPlatform
$63.6B
$10.6B19

Accelerating

+246%

Amgen Inc.AMGNPlatform
$63.2B
$4.2B19

Accelerating

+446%

Novartis AGNVSGeographic Expansion
$54.4B
$6.8B38

Accelerating

+243%

Gilead Sciences, Inc.GILDTechnology Acquisition
$47.4B
$3.4B20

Cooling

-85%

Astrazeneca PLCAZNN/A
$41.1B
$10.3B2

Winding down

$41.1B → $19M

Bausch Health Companies Inc.BHCBolt On
$25.3B
$1.9B26

New cycle

$2.2B recent

Johnson & JohnsonJNJBolt On
$23.2B
$3.9B13

Paused

$17.7B prior

SanofiSNYPlatform
$22.7B
$3.2B34

New cycle

$2B recent

Elevance Health, Inc.ELVHorizontal Consolidation
$22.7B
$1.4B21

Steady

+4%

Teva Pharmaceutical Industries LimitedTEVAGeographic Expansion
$21B
$1.6B4

Steady

+0%

CVS Health CorporationCVSPlatform
$17.9B
$3B7

New cycle

$17.1B recent

Perrigo Company plcPRGOGeographic Expansion
$14.6B
$2.4B15

Steady

-14%

Royalty Pharma plcRPRXPlatform
$12.4B
$2.1BN/A

Cooling

-32%

ELI LILLY & CoLLYBolt On
$12.3B
$685M15

Steady

+5%

HCA Healthcare, Inc.HCAN/A
$11.7B
$617M41

Cooling

-32%

Centene CorporationCNCGeographic Expansion
$11.5B
$888M26

Paused

$9B prior

Phibro Animal Health CorporationPAHCHorizontal Consolidation
$10.9B
$1.2B6

Accelerating

+326%

Jazz Pharmaceuticals plcJAZZPlatform
$10.7B
$2.1B7

Cooling

-86%

Biogen Inc.BIIBTechnology Acquisition
$9.6B
$868M12

New cycle

$8.1B recent

Humana Inc.HUMGeographic Expansion
$9.4B
$628M18

Winding down

$5.2B → $403M

Tenet Healthcare Corp.THCGeographic Expansion
$7.3B
$407M484

Cooling

-58%

Quest Diagnostics Inc.DGXGeographic Expansion
$7.3B
$457M41

Steady

+4%

Agenus Inc.AGENGeographic Expansion
$7.2B
$1.8B2

Paused

$4M prior

Elanco Animal Health IncorporatedELANGeographic Expansion
$5.4B
$1.8B7

Winding down

$5.4B → $36M

Takeda Pharmaceutical Company LimitedTAKPlatform
$5.4B
$5.4B3

Steady

+100% (count)

Cosmos Health Inc.COSMGeographic Expansion
$5.2B
$2.6B6

New cycle

$5.2B recent

Merck & Co., Inc.MRKGeographic Expansion
$5.1B
$422M18

New cycle

$4.8B recent

Universal Health Services, Inc.UHSGeographic Expansion
$4.7B
$236M61

Cooling

-60%

Pediatrix Medical Group, Inc.MDGeographic Expansion
$4.6B
$242M160

Cooling

-37%

Aytu Biopharma, Inc.AYTUN/A
$4.5B
$905M6

Paused

$4.5B prior

Bristol-Myers Squibb CompanyBMYBolt On
$4.5B
$279M20

Steady

+18%

Astrana Health, Inc.ASTHGeographic Expansion
$4.4B
$402M21

New cycle

$701M recent

Nuvectis Pharma, Inc.NVCTN/A
$4.1B
$4.1B1

Paused

$4.1B prior

Harrow, Inc.HROWTechnology Acquisition
$4B
$1.3B10

New cycle

$4M recent

Joint CorpJYNTBolt On
$3.7B
$459M246

Winding down

$540M → $1M

Zoetis Inc.ZTSBolt On
$3.6B
$363M16

Winding down

$113M → $4M

Revolution Medicines, Inc.RVMDN/A
$3.4B
$840M2

New cycle

$3.3B recent

Vyome Holdings, Inc.HINDN/A
$3B
$3BN/A

Paused

$3B prior

Vertex Pharmaceuticals Inc.VRTXPlatform
$2.9B
$590M6

Cooling

-82%

Prophase Labs, Inc.PRPHPlatform
$2.9B
$584M1

New cycle

$2.9B recent

GSK plcGSKBolt On
$2.9B
$578M4

New cycle

$2.9B recent

Mosaic Immunoengineering, Inc.CPMVGeographic Expansion
$2.9B
$1.4B7

Steady

+0% (count)

Pelthos Therapeutics Inc.PTHSBolt On
$2.8B
$2.8B1

New cycle

$2.8B recent

Grown Rogue International Inc.GRUSFN/A
$2.7B
$916M3

New cycle

$2.3B recent

The Cigna GroupCITechnology Acquisition
$2.7B
$452M2

Cooling

-60%

Radnostix Inc.INISBolt On
$2.6B
$1.3B3

Paused

$2.4B prior

Prothena Corporation Public Limited CompanyPRTATechnology Acquisition
$2.5B
$840M1

New cycle

$2.5B recent

Ironwood Pharmaceuticals, Inc.IRWDPlatform
$2.5B
$617M2

New cycle

$2.2B recent

Select Medical Holdings Corp.SEMHorizontal Consolidation
$2.4B
$142M5

Steady

+2%

Encompass Health CorporationEHCGeographic Expansion
$2.4B
$170M67

Cooling

-74%

PMGC Holdings Inc.ELABTuck In
$2.2B
$2.2B3

New cycle

$2.2B recent

Molina Healthcare, Inc.MOHGeographic Expansion
$2.2B
$144M20

Cooling

-42%

Halozyme Therapeutics, Inc.HALOPlatform
$2B
$1B3

Steady

+1%

Ensign Group, Inc.ENSGHorizontal Consolidation
$1.9B
$129M313

New cycle

$496M recent

Pacira Biosciences, Inc.PCRXBolt On
$1.9B
$233M4

Cooling

-46%

AMN Healthcare Services, Inc.AMNHorizontal Consolidation
$1.8B
$127M18

Cooling

-50%

BIO-TECHNE CorpTECHGeographic Expansion
$1.7B
$165M16

New cycle

$271M recent

Community Health Systems, Inc.CYHHorizontal Consolidation
$1.6B
$136M143

Accelerating

+392%

Emergent Biosolutions Inc.EBSBolt On
$1.6B
$180M11

Steady

+0% (count)

Alps Group IncALPSN/A
$1.6B
$1.6B1

New cycle

$1.6B recent

Recursion Pharmaceuticals, Inc.RXRXTechnology Acquisition
$1.6B
$531M2

New cycle

$1.6B recent

Surgery Partners, Inc.SGRYTuck In
$1.5B
$140M108

Steady

+16%

Lantheus Holdings, Inc.LNTHTechnology Acquisition
$1.5B
$308M2

Steady

-16%

Panacea Life Sciences Holdings, Inc.PLSHPlatform
$1.5B
$751M1

Paused

$1.5B prior

Collegium Pharmaceutical, Inc.COLLGeographic Expansion
$1.5B
$300M4

Cooling

-44%

Incyte CorporationINCYTechnology Acquisition
$1.5B
$365M5

New cycle

$808M recent

BioMarin Pharmaceutical IncBMRNPlatform
$1.4B
$352M6

Steady

+0% (count)

Viatris Inc.VTRSGeographic Expansion
$1.4B
$343M4

New cycle

$1.4B recent

Target Hospitality Corp.THGeographic Expansion
$1.4B
$453M3

New cycle

$19M recent

Grifols SAGIFLFN/A
$1.4B
$338MN/A

New cycle

$18M recent

Ligand Pharmaceuticals IncorporatedLGNDBolt On
$1.3B
$87M24

Cooling

-89%

TuHURA Biosciences, Inc.HURAPlatform
$1.3B
$1.3B3

New cycle

$1.3B recent

ANI Pharmaceuticals, Inc.ANIPGeographic Expansion
$1.1B
$125M10

Accelerating

+598%

BNB Plus Corp.BNBXTechnology Acquisition
$1.1B
$355M4

New cycle

$1.1B recent

cbdMD, INC.YCBDBolt On
$996M
$199M6

Paused

$78M prior

Medicinova, Inc.MNOVTechnology Acquisition
$918M
$306M4

Steady

+0% (count)

Clover Health Investments, Corp.CLOVN/A
$916M
$458M1

Paused

$916M prior

Veracyte, Inc.VCYTGeographic Expansion
$889M
$178M6

Cooling

-86%

Pharmacyte Biotech, Inc.PMCBPlatform
$883M
$221M3

Steady

+0% (count)

Processa Pharmaceuticals, Inc.PCSAN/A
$850M
$425M1

New cycle

$850M recent

Healthy Extracts Inc.HYEXN/A
$807M
$404M1

Paused

$400K prior

Therapeuticsmd, Inc.TXMDBolt On
$770M
$193M2

New cycle

$459M recent

TG Therapeutics, Inc.TGTXPlatform
$756M
$378M2

Steady

+0% (count)

Amneal Pharmaceuticals, Inc.AMRXHorizontal Consolidation
$724M
$181M5

Paused

$399M prior

Amphastar Pharmaceuticals, Inc.AMPHGeographic Expansion
$717M
$120M5

New cycle

$635M recent

Solventum CorporationSOLVN/A
$696M
$696M1

New cycle

$696M recent

Pursuit Attractions and Hospitality, Inc.PRSUGeographic Expansion
$694M
$46M22

Accelerating

+268%

Lipocine Inc.LPCNPlatform
$675M
$675M2

Steady

+100% (count)

Medicure Inc.MCUJFN/A
$674M
$135M4

Cooling

-53%

HealthLynked Corp.HLYKGeographic Expansion
$629M
$157M3

Steady

-1%

Ionis Pharmaceuticals, Inc.IONSPlatform
$625M
$313M3

Paused

$545M prior

Tilray Brands, Inc.TLRYHorizontal Consolidation
$623M
$156M9

Winding down

$436M → $23M

Dr. Reddy’s Laboratories LimitedRDYGeographic Expansion
$621M
$56M9

Winding down

$215M → $2M

Aldeyra Therapeutics, Inc.ALDXPlatform
$610M
$610M1

Steady

+0% (count)

Supernus Pharmaceuticals, Inc.SUPNTechnology Acquisition
$607M
$202M3

Steady

-2%

Alkermes plc.ALKSGeographic Expansion
$602M
$201M4

Paused

$98M prior

Sinovac Biotech Ltd.SVAN/A
$580M
$580M1

Steady

+0% (count)

Lftd Partners Inc.LIFDBolt On
$546M
$136M4

New cycle

$542M recent

Savara Inc.SVRATechnology Acquisition
$542M
$77M5

Steady

+0% (count)

Canopy Growth CorpCGCGeographic Expansion
$538M
$179M8

Winding down

$514M → $24M

Akebia Therapeutics, Inc.AKBAPlatform
$534M
$267M2

Steady

+0% (count)

Cross Country Healthcare, Inc.CCRNGeographic Expansion
$468M
$31M13

Cooling

-43%

Insmed Inc.INSMTechnology Acquisition
$463M
$66M10

Steady

+13%

BioNTech SEBNTXN/A
$457M
$114MN/A

Accelerating

+287%

Ultragenyx Pharmaceutical Inc.RAREPlatform
$452M
$113M3

Steady

+22%

Cnbx Pharmaceuticals Inc.CNBXN/A
$427M
$142M2

Steady

-100% (count)

Immunovant, Inc.IMVTN/A
$421M
$421M1

Paused

$421M prior

Earth Science Tech, Inc.ETSTGeographic Expansion
$417M
$417M4

New cycle

$417M recent

Maravai LifeSciences Holdings, Inc.MRVIBolt On
$410M
$68M6

Cooling

-33%

MannKind CorporationMNKDTechnology Acquisition
$405M
$81M5

Accelerating

+772%

Nuvation Bio Inc.NUVBBolt On
$397M
$397M2

New cycle

$397M recent

Organon & Co.OGNBolt On
$387M
$129M4

New cycle

$385M recent

Arbutus Biopharma CorporationABUSBolt On
$382M
$382M3

Steady

+0% (count)

U S Physical Therapy Inc.USPHGeographic Expansion
$376M
$25M85

Paused

$171M prior

Anixa Biosciences, Inc.ANIXTechnology Acquisition
$372M
$186M5

Steady

+0% (count)

Assertio Holdings, Inc.ASRTBolt On
$358M
$72M6

Accelerating

+142%

National Healthcare Corp.NHCGeographic Expansion
$358M
$72M12

Accelerating

+652%

THE Pennant Group, Inc.PNTGTuck In
$356M
$51M149

Accelerating

+332%

Vistagen Therapeutics, Inc.VTGNTechnology Acquisition
$350M
$70M3

Winding down

$174M → $100K

XOMA Royalty CorpXOMABolt On
$339M
$68M13

Accelerating

+755%

Lunai Bioworks, Inc.LNAIHorizontal Consolidation
$331M
$66M2

New cycle

$163M recent

Regeneron Pharmaceuticals, Inc.REGNTechnology Acquisition
$325M
$65M2

Cooling

-70%

United Therapeutics CorporationUTHRN/A
$313M
$63M6

New cycle

$181M recent

Gridai Technologies Corp.GRDXPlatform
$310M
$103M1

Accelerating

+19933%

CorMedix Inc.CRMDBolt On
$309M
$309M1

New cycle

$309M recent

Amicus Therapeutics, Inc.FOLDBolt On
$292M
$73M4

Steady

+0% (count)

Centessa Pharmaceuticals PLCCNTAPlatform
$290M
$290M11

Paused

$290M prior

Agentix Corp.AGTXN/A
$278M
$139M2

Paused

$278M prior

Iovance Biotherapeutics, Inc.IOVAPlatform
$265M
$133M2

New cycle

$265M recent

Guardant Health, Inc.GHN/A
$244M
$81M2

Cooling

-67%

Telix Pharmaceuticals LimitedTLPPFVertical Integration
$241M
$121M4

New cycle

$241M recent

Senti Biosciences, Inc.SNTIPlatform
$240M
$240M1

Paused

$240M prior

Alumis Inc.ALMSN/A
$238M
$238M1

New cycle

$238M recent

Vanda Pharmaceuticals Inc.VNDATechnology Acquisition
$230M
$77M1

New cycle

$205M recent

Theriva Biologics, Inc.TOVXPlatform
$228M
$57M3

Accelerating

+485%

Lifecore Biomedical, Inc.LFCRGeographic Expansion
$225M
$28M8

Steady

+0% (count)

Travere Therapeutics, Inc.TVTXPlatform
$223M
$45M6

Cooling

-32%

Neurogene Inc.NGNEPlatform
$214M
$53M1

Cooling

-88%

Mirum Pharmaceuticals, Inc.MIRMPlatform
$213M
$213M2

New cycle

$213M recent

Kaya Holdings, Inc.KAYSGeographic Expansion
$197M
$98M1

Paused

$1M prior

Disc Medicine, Inc.IRONPlatform
$196M
$196MN/A

Paused

$196M prior

PTC Therapeutics, Inc.PTCTPlatform
$195M
$49M4

Paused

$59M prior

Precigen, Inc.PGENTechnology Acquisition
$195M
$39M2

Steady

+0% (count)

OPKO Health, Inc.OPKPlatform
$188M
$17M20

Paused

$4M prior

Cronos Group Inc.CRONGeographic Expansion
$185M
$92M3

New cycle

$185M recent

LifeStance Health Group, Inc.LFSTGeographic Expansion
$180M
$60M37

Cooling

-88%

Green Thumb Industries Inc.GTBIFGeographic Expansion
$178M
$45M15

Cooling

-80%

AbCellera Biologics Inc.ABCLTechnology Acquisition
$177M
$59M1

Winding down

$166M → $12M

Eledon Pharmaceuticals, Inc.ELDNPlatform
$174M
$87M2

Paused

$174M prior

Sarepta Therapeutics, Inc.SRPTTechnology Acquisition
$173M
$173M2

Steady

+0% (count)

Xeris Biopharma Holdings, Inc.XERSPlatform
$169M
$169M1

Paused

$169M prior

Novavax, Inc.NVAXPlatform
$167M
$84M2

Paused

$167M prior

Catalyst Pharmaceuticals, Inc.CPRXTechnology Acquisition
$160M
$160M2

New cycle

$160M recent

Innoviva, Inc.INVAN/A
$159M
$159M2

Paused

$159M prior

Concord Medical Services Holdings LtdCCMPlatform
$159M
$32M2

Steady

+0% (count)

Bespoke Extracts, Inc.BSPKBolt On
$152M
$30M2

Accelerating

+1532%

Ernexa Therapeutics Inc.ERNABolt On
$151M
$30M4

Paused

$147M prior

First Choice Healthcare Solutions, Inc.FCHSBolt On
$147M
$73M1

New cycle

$4M recent

Dogwood Therapeutics, Inc.DWTXN/A
$143M
$71M2

New cycle

$143M recent

Matinas Biopharma Holdings, Inc.MTNBTechnology Acquisition
$142M
$47M3

Steady

+0% (count)

Sibannac, Inc.SNNCBolt On
$139M
$139M6

Steady

+0% (count)

Grace Therapeutics, Inc.GRCEN/A
$132M
$44M2

Steady

-14%

Indivior Pharmaceuticals, Inc.INDVN/A
$129M
$65M2

New cycle

$129M recent

Rocket Pharmaceuticals, Inc.RCKTPlatform
$129M
$64M2

Paused

$43M prior

Petmed Express, Inc.PETSGeographic Expansion
$126M
$32M2

New cycle

$108M recent

Adma Biologics, Inc.ADMAVertical Integration
$120M
$60M1

Steady

+0% (count)

Carisma Therapeutics Inc.CARMPlatform
$119M
$60M1

Steady

+0% (count)

AlphaTON Capital CorpALPPlatform
$116M
$23M6

Paused

$95M prior

Vyne Therapeutics Inc.VYNEPlatform
$111M
$111M1

Paused

$111M prior

Chemed CorporationCHEN/A
$109M
$27M11

New cycle

$101M recent

Onconetix, Inc.ONCON/A
$106M
$53MN/A

New cycle

$106M recent

Oramed Pharmaceuticals Inc.ORMPTechnology Acquisition
$105M
$105M2

New cycle

$105M recent

Axim Biotechnologies, Inc.AXIMTechnology Acquisition
$105M
$52M2

New cycle

$5M recent

Moleculin Biotech, Inc.MBRXN/A
$100M
$100MN/A

Steady

no signal

Terrascend Corp.TSNDFHorizontal Consolidation
$98M
$20M5

Cooling

-34%

Viridian Therapeutics, Inc.\DEVRDNTechnology Acquisition
$97M
$97M2

Paused

$97M prior

Coherus Oncology, Inc.CHRSTechnology Acquisition
$97M
$24M3

Cooling

-92%

Sunshine Biopharma Inc.SBFMTechnology Acquisition
$95M
$24M3

New cycle

$14M recent

Zyversa Therapeutics, Inc.ZVSAN/A
$91M
$91MN/A

New cycle

$91M recent

Rhythm Pharmaceuticals, Inc.RYTMTechnology Acquisition
$91M
$23M2

Accelerating

+1614%

Ascend Wellness Holdings, Inc.AAWHGeographic Expansion
$90M
$18M7

Steady

-14%

Ginkgo Bioworks Holdings, Inc.DNABolt On
$88M
$44M7

Cooling

-93%

Adicet Bio, Inc.ACETN/A
$87M
$87M1

Paused

$87M prior

Sangamo Therapeutics, Inc.SGMOTechnology Acquisition
$85M
$12M5

Paused

$800K prior

Moderna, Inc.MRNAGeographic Expansion
$85M
$85M1

New cycle

$85M recent

Quince Therapeutics, Inc.QNCXBolt On
$83M
$42M2

Accelerating

+305%

SNDL Inc.SNDLVertical Integration
$80M
$40MN/A

New cycle

$21M recent

Cypherpunk Technologies Inc.CYPHN/A
$79M
$79M1

New cycle

$79M recent

Beam Therapeutics Inc.BEAMTechnology Acquisition
$79M
$39M1

Accelerating

+12900%

Vaxart, Inc.VXRTGeographic Expansion
$77M
$19M3

Paused

$5M prior

Aprea Therapeutics, Inc.APREN/A
$76M
$76M1

Paused

$76M prior

Docgo Inc.DCGOGeographic Expansion
$76M
$15M12

Steady

-21%

Harmony Biosciences Holdings, Inc.HRMYPlatform
$74M
$25M2

Accelerating

+1903%

Lyell Immunopharma, Inc.LYELTechnology Acquisition
$73M
$36M2

New cycle

$73M recent

Lisata Therapeutics, Inc.LSTAPlatform
$72M
$14M8

Paused

$3M prior

Abeona Therapeutics Inc.ABEON/A
$70M
$23M5

Steady

+0% (count)

Orchestra BioMed Holdings, Inc.OBIOPlatform
$70M
$70M1

New cycle

$70M recent

Endonovo Therapeutics, Inc.ENDVN/A
$68M
$17M1

Paused

$3M prior

Windtree Therapeutics Inc.WINTPlatform
$68M
$68M1

Steady

+0% (count)

Kamada Ltd.KMDAGeographic Expansion
$66M
$11M2

Paused

$15M prior

Veru Inc.VERUTechnology Acquisition
$66M
$33M1

Steady

+0% (count)

Adial Pharmaceuticals, Inc.ADILBolt On
$62M
$21M2

Paused

$62M prior

Talphera, Inc.TLPHN/A
$60M
$30M2

Paused

$60M prior

Eton Pharmaceuticals, Inc.ETONBolt On
$60M
$30M7

New cycle

$60M recent

Imunon, Inc.IMNNN/A
$58M
$19M3

Steady

+0% (count)

Mereo Biopharma Group PLCMREON/A
$58M
$19MN/A

Cooling

-91%

Altimmune, Inc.ALTPlatform
$57M
$19M2

Steady

+0% (count)

Planet 13 Holdings Inc.PLNHGeographic Expansion
$57M
$28M2

Paused

$57M prior

uniQure N.V.QURETechnology Acquisition
$55M
$18M3

Paused

$52M prior

Axsome Therapeutics, Inc.AXSMPlatform
$53M
$53M1

Paused

$53M prior

EyePoint, Inc.EYPTPlatform
$52M
$13M4

Paused

$500K prior

IGC Pharma, Inc.IGCGeographic Expansion
$52M
$13M5

Steady

+0% (count)

ALX Oncology Holdings Inc.ALXOBolt On
$52M
$52M1

New cycle

$52M recent

Galera Therapeutics, Inc.GRTXPlatform
$50M
$25M1

New cycle

$50M recent

Century Therapeutics, Inc.IPSCPlatform
$49M
$25M2

New cycle

$49M recent

ImageneBio, Inc.IMATuck In
$48M
$48M2

New cycle

$48M recent

Betterlife Pharma Inc.BETRFN/A
$47M
$24M5

Steady

+0% (count)

Barinthus Biotherapeutics PLCBRNSPlatform
$47M
$24M2

Paused

$47M prior

Equillium, Inc.EQBolt On
$46M
$46M1

Paused

$46M prior

Ainos, Inc.AIMDN/A
$46M
$23M1

Paused

$46M prior

Zevra Therapeutics, Inc.ZVRAN/A
$45M
$22MN/A

Accelerating

+116%

CV Sciences, Inc.CVSIGeographic Expansion
$44M
$9M6

New cycle

$1M recent

Abvc Biopharma, Inc.ABVCPlatform
$44M
$44M1

Paused

$44M prior

Neurocrine Biosciences, Inc.NBIXTechnology Acquisition
$43M
$43M5

Paused

$43M prior

Mustang Bio, Inc.MBIOTechnology Acquisition
$43M
$9MN/A

Accelerating

+61%

Eloxx Pharmaceuticals, Inc.ELOXN/A
$42M
$21M3

Steady

-100% (count)

Liquidia CorporationLQDAPlatform
$42M
$21M2

Paused

$42M prior

Cumberland Pharmaceuticals Inc.CPIXBolt On
$41M
$10M3

Paused

$14M prior

Enveric Biosciences, Inc.ENVBBolt On
$40M
$13M8

Steady

+0% (count)

Cero Therapeutics Holdings, Inc.CERON/A
$40M
$40MN/A

New cycle

$40M recent

Mimedx Group, Inc.MDXGPlatform
$38M
$6M3

New cycle

$12M recent

Ardent Health, Inc.ARDTHorizontal Consolidation
$38M
$19M18

New cycle

$38M recent

Oculis Holding AGOCSPlatform
$37M
$37M1

New cycle

$37M recent

Moolec Science SAMLECPlatform
$37M
$18M4

New cycle

$37M recent

Dare Bioscience, Inc.DAREN/A
$37M
$12M1

Paused

$6M prior

Absci Corp.ABSITechnology Acquisition
$36M
$18M2

Paused

$36M prior

Verano Holdings Corp.VRNOVertical Integration
$36M
$36M3

New cycle

$36M recent

Zenas Biopharma, Inc.ZBIOTechnology Acquisition
$35M
$35MN/A

New cycle

$35M recent

Minerva Neurosciences, Inc.NERVN/A
$33M
$17M1

Steady

+0% (count)

Inmune BIO Inc.INMBN/A
$32M
$16MN/A

Paused

$32M prior

Kazia Therapeutics Limited.KZIAN/A
$31M
$10M4

Steady

+0% (count)

CervoMed Inc.CRVOBolt On
$30M
$8M2

Steady

+0% (count)

Immunome, Inc.IMNMBolt On
$29M
$15M1

New cycle

$29M recent

Definium Therapeutics, Inc.DFTXTechnology Acquisition
$28M
$14M1

Paused

$28M prior

SRx HEALTH SOLUTIONS, INC.SRXHN/A
$28M
$9M1

Cooling

-66%

Marimed Inc.MRMDGeographic Expansion
$27M
$4M8

Cooling

-43%

Lexicon Pharmaceuticals, Inc.LXRXN/A
$26M
$9M3

Steady

+0% (count)

Rockwell Medical, Inc.RMTIGeographic Expansion
$26M
$9M2

New cycle

$25M recent

Relay Therapeutics, Inc.RLAYTechnology Acquisition
$25M
$25M1

Paused

$25M prior

Mdxhealth SAMDXHHorizontal Consolidation
$25M
$25M1

New cycle

$25M recent

MindWalk Holdings Corp.HYFTTechnology Acquisition
$25M
$25M1

New cycle

$25M recent

SKY Century Investment, Inc.SKYIN/A
$24M
$24MN/A

New cycle

$24M recent

Tonix Pharmaceuticals Holding Corp.TNXPTechnology Acquisition
$23M
$12M4

New cycle

$22M recent

biote Corp.BTMDN/A
$22M
$11M3

New cycle

$22M recent

CG Oncology, Inc.CGONVertical Integration
$22M
$22M1

New cycle

$22M recent

Dariohealth Corp.DRIOBolt On
$22M
$5M4

Accelerating

+527%

Intercure Ltd.INCRN/A
$22M
$7MN/A

Cooling

-86%

Pyxis Oncology, Inc.PYXSPlatform
$21M
$11M2

New cycle

$21M recent

Jushi Holdings Inc.JUSHFN/A
$21M
$21MN/A

New cycle

$21M recent

Immutep LimitedIMMPPlatform
$21M
$21M1

Steady

+0% (count)

Codexis, Inc.CDXSTechnology Acquisition
$21M
$21M1

Steady

+0% (count)

Arrowhead Pharmaceuticals, Inc.ARWRTechnology Acquisition
$21M
$5M8

Steady

+0% (count)

BIO Green MED Solution, Inc.BGMSN/A
$19M
$4M2

Steady

+0% (count)

Denali Therapeutics Inc.DNLITechnology Acquisition
$18M
$18M1

Steady

+0% (count)

Fortress Biotech, Inc.FBION/A
$18M
$4M2

Paused

$2M prior

Damora Therapeutics, Inc.DMRATechnology Acquisition
$17M
$17M2

New cycle

$17M recent

Insight Molecular Diagnostics Inc.IMDXBolt On
$17M
$9M1

Paused

$17M prior

Nutriband Inc.NTRBTechnology Acquisition
$17M
$4M4

Paused

$15M prior

MeiraGTx Holdings plcMGTXTechnology Acquisition
$17M
$3M4

Cooling

-96%

Xenetic Biosciences, Inc.XBIOPlatform
$17M
$6M3

Steady

+0% (count)

Addex Therapeutics Ltd.ADXNN/A
$16M
$16M1

New cycle

$16M recent

Immuneering CorporationIMRXBolt On
$16M
$8M2

Paused

$16M prior

Guardian Pharmacy Services, Inc.GRDNN/A
$16M
$8MN/A

New cycle

$16M recent

Cytodyn Inc.CYDYTechnology Acquisition
$15M
$8MN/A

Steady

no signal

CalciMedica, Inc.CALCTechnology Acquisition
$15M
$15M4

New cycle

$15M recent

Innate Pharma SAIPHAN/A
$15M
$7MN/A

New cycle

$15M recent

Monopar Therapeutics Inc.MNPRN/A
$15M
$15M1

Steady

+0% (count)

Pharming Group N.V.PHARPlatform
$14M
$7M1

Paused

$14M prior

C21 Investments Inc.CWLXFN/A
$14M
$7MN/A

Cooling

-67%

COSCIENS Biopharma Inc.CSCIFN/A
$13M
$13M1

New cycle

$13M recent

Summit Therapeutics Inc.SMMTTechnology Acquisition
$13M
$7M1

Steady

+0% (count)

Inovio Pharmaceuticals, Inc.INOTechnology Acquisition
$13M
$4M3

Steady

+0% (count)

Valneva SEVALNN/A
$13M
$6MN/A

New cycle

$13M recent

Charlotte’s Web Holdings, Inc.CWBHFN/A
$11M
$11MN/A

Paused

$11M prior

Celldex Therapeutics, Inc.CLDXTechnology Acquisition
$11M
$11M2

Steady

+0% (count)

Pasithea Therapeutics Corp.KTTATechnology Acquisition
$11M
$5MN/A

Cooling

-90%

Rigel Pharmaceuticals Inc.RIGLTechnology Acquisition
$10M
$10M2

New cycle

$10M recent

Alnylam Pharmaceuticals, Inc.ALNYTechnology Acquisition
$10M
$10M2

Steady

+0% (count)

Vera Therapeutics, Inc.VERATechnology Acquisition
$10M
$5MN/A

Paused

$10M prior

Solid Biosciences Inc.SLDBN/A
$9M
$9M2

New cycle

$9M recent

Cannapharmarx, Inc.CPMDN/A
$9M
$9MN/A

Paused

$9M prior

Protagenic Therapeutics, Inc.\newPTIXBolt On
$9M
$4M3

Steady

+0% (count)

Basel Medical Group LtdBMGLGeographic Expansion
$9M
$9M1

New cycle

$9M recent

NUO Therapeutics, Inc.AURXGeographic Expansion
$8M
$4M2

Steady

+0% (count)

OS Therapies IncorporatedOSTXN/A
$8M
$8M1

New cycle

$8M recent

Sana Biotechnology, Inc.SANAHorizontal Consolidation
$8M
$8M1

Paused

$8M prior

Gossamer Bio, Inc.GOSSN/A
$8M
$8M2

Steady

+0% (count)

Quantum BioPharma Ltd.QNTMPlatform
$7M
$7M1

Paused

$7M prior

Inhibikase Therapeutics, Inc.IKTN/A
$7M
$7MN/A

New cycle

$7M recent

Lineage Cell Therapeutics, Inc.LCTXBolt On
$6M
$3M3

Steady

+0% (count)

Organogenesis Holdings Inc.ORGOTuck In
$6M
$6M1

Paused

$6M prior

Taysha Gene Therapies, Inc.TSHATechnology Acquisition
$6M
$6M2

Paused

$6M prior

P3 Health Partners Inc.PIIIBolt On
$6M
$6M2

Paused

$6M prior

Neumora Therapeutics, Inc.NMRATechnology Acquisition
$5M
$3MN/A

New cycle

$5M recent

Creative Medical Technology Holdings, Inc.CELZN/A
$5M
$5M2

Paused

$5M prior

Talkspace, Inc.TALKN/A
$5M
$5M1

New cycle

$5M recent

Coeptis Therapeutics Holdings, Inc.COEPN/A
$5M
$5MN/A

New cycle

$5M recent

InnovAge Holding Corp.INNVTuck In
$5M
$5M2

New cycle

$5M recent

Akanda Corp.AKANN/A
$5M
$2M3

Steady

+4%

Edesa Biotech, Inc.EDSAPlatform
$5M
$5MN/A

Paused

$5M prior

Medicus Pharma Ltd.MDCXN/A
$5M
$5M1

New cycle

$5M recent

Climb Bio, Inc.CLYMBolt On
$5M
$5M1

New cycle

$5M recent

Quantum-si IncorporatedQSIPlatform
$5M
$5M1

Paused

$5M prior

Biomx Inc.PHGEPlatform
$5M
$5M1

Paused

$5M prior

Evotec SEEVON/A
$4M
$2M1

Steady

+0% (count)

Regenerative Medical Technology Group Inc.RMTGGeographic Expansion
$4M
$2MN/A

Paused

$200K prior

Alignment Healthcare, Inc.ALHCN/A
$4M
$4MN/A

Paused

$4M prior

Oragenics, Inc.OGENPlatform
$4M
$2M4

Paused

$4M prior

KALA BIO, Inc.KALAPlatform
$4M
$4M2

Paused

$4M prior

Inmed Pharmaceuticals Inc.INMBolt On
$4M
$4M1

Paused

$4M prior

Traws Pharma, Inc.TRAWN/A
$4M
$4MN/A

New cycle

$4M recent

AIxCrypto Holdings, Inc.AIXCN/A
$4M
$4MN/A

New cycle

$4M recent

Forte Biosciences, Inc.FBRXPlatform
$4M
$4MN/A

Paused

$4M prior

Purple Biotech Ltd.PPBTPlatform
$4M
$4M4

New cycle

$4M recent

Vireo Growth Inc.VREOFGeographic Expansion
$4M
$4M1

Paused

$4M prior

Trees CorporationCANNGeographic Expansion
$3M
$1M3

Steady

+21%

Palisade Bio, Inc.PALIN/A
$3M
$3M1

Paused

$3M prior

UroGen Pharma Ltd.URGNTechnology Acquisition
$3M
$3M1

New cycle

$3M recent

Decoy Therapeutics Inc.DCOYTechnology Acquisition
$3M
$2M3

Paused

$3M prior

Scilex Holding CoSCLXTechnology Acquisition
$3M
$1M1

Cooling

-57%

Shuttle Pharmaceuticals Holdings, Inc.SHPHTechnology Acquisition
$3M
$3M1

New cycle

$3M recent

Spyre Therapeutics, Inc.SYRETechnology Acquisition
$3M
$3M1

New cycle

$3M recent

Relmada Therapeutics, Inc.RLMDN/A
$3M
$3M4

New cycle

$3M recent

American Shared Hospital ServicesAMSN/A
$3M
$3MN/A

New cycle

$3M recent

Immunitybio, Inc.IBRXGeographic Expansion
$3M
$1M1

New cycle

$1M recent

iAnthus Capital Holdings, Inc.ITHUFN/A
$3M
$1M3

New cycle

$3M recent

Scisparc Ltd.SPRCTalent Acquisition
$3M
$3M1

New cycle

$3M recent

Cordovacann Corp.LVRLFBolt On
$2M
$1M3

Paused

$100K prior

Plus Therapeutics, Inc.PSTVTechnology Acquisition
$2M
$1M2

Steady

-100% (count)

Sigyn Therapeutics, Inc.SIGYGeographic Expansion
$2M
$1M2

Steady

+0% (count)

NRX Pharmaceuticals, Inc.NRXPPlatform
$2M
$2M1

New cycle

$2M recent

Biovie Inc.BIVIPlatform
$2M
$2M2

Paused

$2M prior

Resonate Blends, Inc.KOANPlatform
$2M
$2M3

Steady

+100% (count)

Cellectar Biosciences, Inc.CLRBBolt On
$2M
$2M2

Steady

+0% (count)

Exicure, Inc.XCURPlatform
$2M
$2M1

New cycle

$2M recent

Kyntra Bio, Inc.KYNBTechnology Acquisition
$2M
$2M1

Paused

$2M prior

Allogene Therapeutics, Inc.ALLOTechnology Acquisition
$2M
$2MN/A

Steady

no signal

Avalo Therapeutics, Inc.AVTXTechnology Acquisition
$2M
$1M6

Cooling

-75%

Context Therapeutics Inc.CNTXN/A
$2M
$2M1

New cycle

$2M recent

Evofem Biosciences, Inc.EVFMPlatform
$2M
$2M2

Steady

+100% (count)

Jaguar Health, Inc.JAGXPlatform
$2M
$2M2

Steady

+0% (count)

Soleno Therapeutics Inc.SLNOPlatform
$2M
$800K2

Steady

+0% (count)

iBio, Inc.IBIOTechnology Acquisition
$2M
$800K1

Paused

$1M prior

Northwest Biotherapeutics Inc.NWBOTalent Acquisition
$2M
$2M1

Paused

$2M prior

Vericel CorporationVCELGeographic Expansion
$1M
$1M5

Steady

+100% (count)

Beone Medicines Ltd.BEIGFN/A
$1M
$650K1

Steady

+0% (count)

Weed, Inc.BUDZN/A
$1M
$600K1

Steady

+0%

Compass Pathways PLCCMPSTechnology Acquisition
$1M
$1M1

Paused

$1M prior

Regencell Bioscience Holdings LimitedRGCN/A
$1M
$1MN/A

Paused

$1M prior

Lifemd, Inc.LFMDBolt On
$1M
$1M2

Paused

$1M prior

HutchMED (China) LIMITEDHCMN/A
$1M
$500K1

Steady

+0% (count)

Avricore Health Inc.AVCRFN/A
$900K
$300K4

Steady

+0% (count)

Stemtech CorporationSTEKN/A
$900K
$300K1

New cycle

$900K recent

Longevity Health Holdings, Inc.XAGEBolt On
$800K
$400K1

New cycle

$800K recent

Nautilus Biotechnology, Inc.NAUTN/A
$800K
$800K1

New cycle

$800K recent

Elite Pharmaceuticals, Inc.ELTPN/A
$700K
$350K2

Steady

+0% (count)

Rezolute, Inc.RZLTBolt On
$600K
$300K1

Steady

+0% (count)

Hepion Pharmaceuticals, Inc.HEPAPlatform
$500K
$500K2

Steady

+0% (count)

NeOnc Technologies Holdings, Inc.NTHITechnology Acquisition
$500K
$500K1

New cycle

$500K recent

Stablecoin Development CorporationNBYBolt On
$500K
$500K1

Paused

$500K prior

Tempest Therapeutics, Inc.TPSTN/A
$500K
$500KN/A

Steady

no signal

Pluri Inc.PLURPlatform
$400K
$400K1

New cycle

$400K recent

Lixte Biotechnology Holdings, Inc.LIXTPlatform
$400K
$400K1

New cycle

$400K recent

High Tide Inc.HITIN/A
$400K
$400K1

New cycle

$400K recent

ImmuCell CorporationICCCTechnology Acquisition
$400K
$400K1

Steady

+0% (count)

GH Research PLCGHRSN/A
$400K
$400KN/A

New cycle

$400K recent

Kiora Pharmaceuticals, Inc.KPHMWTechnology Acquisition
$300K
$150K2

Paused

$100K prior

ONE World Products, Inc.OWPCPlatform
$300K
$300K1

Steady

+0% (count)

GRN Holding CorpMAJIN/A
$300K
$300K1

Steady

+0% (count)

Aibotics, Inc.AIBTN/A
$300K
$300KN/A

Paused

$300K prior

Sensei Biotherapeutics, Inc.SNSEN/A
$200K
$200K2

Paused

$200K prior

Can B Corp.NASCGeographic Expansion
$200K
$100K1

Paused

$100K prior

Silo Pharma, Inc.SILON/A
$200K
$200K1

Steady

+0% (count)

Soligenix, Inc.SNGXTechnology Acquisition
$200K
$200K1

Steady

+0% (count)

Cocrystal Pharma, Inc.COCPN/A
$200K
$200K1

Steady

+0% (count)

Cue Biopharma, Inc.CUETechnology Acquisition
$200K
$200KN/A

Steady

no signal

Rein Therapeutics, Inc.RNTXPlatform
$100K
$100K1

New cycle

$100K recent

Neutra Corp.NTRRN/A
$100K
$100K1

Steady

+0% (count)

AlvotechALVON/A
$100K
$100KN/A

New cycle

$100K recent

Playbook theatre

The language of consolidation, by archetype

Direct sentences from public buyers' 10-K filings, grouped by the strategy they describe.

“we acquired worldwide rights to Otezla®, the only oral, non-biologic treatment for psoriasis and psoriatic arthritis”

Amgen Inc.AMGNFY2019

“The acquisition complements AbbVie’s neuroscience portfolio, adding a wide range of potentially best-in-class assets”

AbbVie Inc.ABBVFY2024

“the November 2025 acquisition of Metsera”

Pfizer Inc.PFEFY2025

“The Company acquired Oak Street Health to advance its value-based care strategy and broaden its platform into primary care.”

CVS Health CorporationCVSFY2023

“covering approximately 85% of prescription drug claims, consolidation has led to greater PBM GPO negotiating power with drug”

SanofiSNYFY2025

“our acquisition of Chimerix on April 21, 2025”

Jazz Pharmaceuticals plcJAZZFY2025

Submarkets

Where the cadence lives

Activity intensity, lead buyers, and footprint per segment within this market.

Pharma & Biotech Products

1,238

Biotech, specialty pharma, generic drugs, life-science products, and regulated therapeutic platforms.

Buyers

342

Core

102

Spend

$649B

2006–2025 · last year 114

Payer & Provider Services

107

Health plans, provider enablement, care coordination, pharmacy services, and outsourced healthcare operations.

Buyers

11

Core

8

Spend

$181.4B

2006–2025 · last year 8

Care Delivery & Facilities

2,046

Hospitals, senior care, behavioral health, surgery centers, dental, therapy, and site-based care.

Buyers

32

Core

20

Spend

$53.8B

2006–2025 · last year 152

Diagnostics & Lab Services

72

Diagnostics, clinical labs, research services, testing networks, and laboratory workflow platforms.

Buyers

6

Core

1

Spend

$7.8B

2006–2025 · last year 3

Accelerators

Recent 3-yr cadence above prior

8

Coolers

Recent 3-yr cadence below prior

8

Trajectory

20 years of cadence and spend

Annual recorded buys and disclosed spend across the matched buyer set.

01673332006: 95 buys · $62.2B spend · 29 buyers2007: 46 buys · $8.6B spend · 26 buyers2008: 78 buys · $17.1B spend · 30 buyers2009: 64 buys · $16.6B spend · 31 buyers2010: 117 buys · $14.1B spend · 39 buyers2011: 104 buys · $15.7B spend · 37 buyers2012: 146 buys · $23.6B spend · 34 buyers2013: 170 buys · $14.3B spend · 46 buyers2014: 126 buys · $24.4B spend · 55 buyers2015: 191 buys · $71.9B spend · 46 buyers2016: 134 buys · $62.1B spend · 52 buyers2017: 197 buys · $22.6B spend · 45 buyers2018: 231 buys · $35.8B spend · 67 buyers2019: 163 buys · $54.4B spend · 67 buyers2020: 164 buys · $104.5B spend · 68 buyers2021: 333 buys · $82.7B spend · 96 buyers2022: 274 buys · $66.5B spend · 98 buyers2023: 159 buys · $84.6B spend · 78 buyers2024: 289 buys · $69.8B spend · 78 buyers2025: 252 buys · $40.5B spend · 90 buyers2006: 95 buys · $62.2B spend · 29 buyers2007: 46 buys · $8.6B spend · 26 buyers2008: 78 buys · $17.1B spend · 30 buyers2009: 64 buys · $16.6B spend · 31 buyers2010: 117 buys · $14.1B spend · 39 buyers2011: 104 buys · $15.7B spend · 37 buyers2012: 146 buys · $23.6B spend · 34 buyers2013: 170 buys · $14.3B spend · 46 buyers2014: 126 buys · $24.4B spend · 55 buyers2015: 191 buys · $71.9B spend · 46 buyers2016: 134 buys · $62.1B spend · 52 buyers2017: 197 buys · $22.6B spend · 45 buyers2018: 231 buys · $35.8B spend · 67 buyers2019: 163 buys · $54.4B spend · 67 buyers2020: 164 buys · $104.5B spend · 68 buyers2021: 333 buys · $82.7B spend · 96 buyers2022: 274 buys · $66.5B spend · 98 buyers2023: 159 buys · $84.6B spend · 78 buyers2024: 289 buys · $69.8B spend · 78 buyers2025: 252 buys · $40.5B spend · 90 buyers20062011201620212025
Recorded buysDisclosed spend (rescaled)