Hospital M&A plummeted during the first quarter, with systems announcing only five deals amid significant market uncertainty, according to Kaufman Hall.

The median deal size for late-stage funding rounds was $105 million, nearly double the $55 million check size across 2024.

The merger brings together Neurolutions’ brain computer interface technology and Kandu Health’s telehealth services to try and improve stroke care.

Walgreens also withdrew its 2025 financial guidance, citing the pending take-private deal, which is expected to close by the end of the year.

Brian Newman will guide CVS’ finances at a challenging time for the retail pharmacy and health insurance giant. Still, CVS also said on Tuesday it could exceed previously issued guidance in 2025.

The 5.1% benchmark increase is the largest in the past decade. The hike reflects more recent data capturing cost growth, according to the CMS. Though, the Trump administration likely “had its finger on the scale,” one analyst said.

A conservative judge blocked the policy from going into effect, saying the HHS had overstepped its authority to issue the rule.