The recent bid by Mylan to acquire Perrigo offers the latest example of pharma companies that have been seeking growth opportunities.
Ikaria, which focuses on therapies for critically ill infants, is privately owned by a group led by Madison Dearborn Partners. Buyer Mallinckrodt specializes in diagnostic radiology and pain management.
After a robust year of mega-deals in 2014, mid-size device makers are expected to seek partners, fueling even further consolidation.
Medtronic's $49.9 billion acquisition of Covidien -- the largest tax inversion deal ever -- will leave shareholders with a big tax bill, while Medtronic may pay little or no taxes.
Stryker must significantly outperform for all of 2015 just to meet expectations. That's a tall order.