M&A Life Sciences & Healthcare Research
Analysis of transactions, private equity activity and the impact of the Government Coalition Agreement on M&A opportunities
The Deloitte Corporate Finance LSHC research 2025 maps all mergers, acquisitions and capital transactions with Dutch targets. The report analyses 75 transactions in 2025, the increased role of foreign buyers (≈49%) and the changing role of private equity. Practical conclusions and subsector insights support decision‑makers on strategy, valuation and due diligence heading into 2026.
At a glance:
- The number of deals fell in 2025 from 104 (2024) to 75 — a sign of more selective buyer behaviour.
- Around 49% of transactions involved a foreign buyer; Scandinavia stands out, particularly in supply‑chain and other healthcare providers.
- Private equity remains active, but the number of add‑on acquisitions has clearly declined; the focus is on platform building in clinics, dental care, occupational health and eye care.
- Life sciences contracted to 12 transactions in 2025, while there was the notable Merus → Genmab acquisition (~$8 billion).
- The Government Coalition Agreement 2026 and the contracting obligation (from 2029) shift due diligence focus to contract security and data maturity.
Market outlook and opportunities
The Dutch LSHC market shows a dual dynamic: clear consolidation in certain subsectors alongside general buyer caution. International strategics and PE platforms are gaining market share, while traditional strategic buyers are more cautious. For investors, opportunities lie in predictable, scalable and data‑driven care activities (clinics, prevention, healthtech), where quality, scale, contract security and mature data management strengthen valuation.
Risks and transaction implications
Buyers demand firmer guarantees and increasingly use adapted deal structures. HR due diligence, revenue/contract analysis and IT/data maturity are now decisive parts of the transaction process. For sellers: reinforce contract positions and demonstrate data‑driven value to preserve value and shorten transaction timelines.
Download the full report
Download the full Deloitte Life Sciences & Healthcare M&A report 2025 (Dutch) for detailed figures, subsector analyses and concrete recommendations for buyers, sellers and investors in the Netherlands.
In the press
- Het Financieele Dagblad — 20‑03‑2026 — Investeerders laten de zorgmarkt steeds vaker links liggen.
- Het Financieele Dagblad — 12‑03‑2025 — Minder grote zorgovernames door private equity
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