The value of the ten biggest medical device sector deals, mostly falling in the US and Europe, topped $2 billion in November, with most of the value coming from a $1.5 billion US merger.

Butterfly Network, whose early investors include Baillie Gifford, the Bill and Melinda Gates Foundation, and Fosun Industrial, agreed to merge with special purpose acquisition corporation (SPAC) Longview Acquisition in the second half of last month.

SPACs have emerged as a popular IPO alternative in 2020, providing a path to going public with less regulatory scrutiny. The combined company will list on the New York Stock Exchange under the ticker BFLY when the deal closes in the first quarter of 2021.

The merged company is expected to have about $584 million in cash to develop its digital imaging technology, an ultrasound transducer that can perform “whole-body imaging” with a single handheld probe using chip technology that connects to a mobile phone or tablet, the companies said in a statement. J.P. Morgan Securities is the financial adviser to Butterfly Network.

Elsewhere, Danish medical device company Coloplast completed the acquisition of Nine Continents Medical, an early-stage company that developed an implantable tibial nerve stimulator (ITNS) to treat overactive bladder, for a $145m upfront cash payment early in the month.

Another big medical device sector deal saw Medios, a specialty pharma company, announce plans to acquire Cranach Pharma, a Hamburg-based specialist pharmaceutical wholesaler, from holding company BMSH for $143 million. The acquisition is subject to approval by the German Federal Cartel Office. The closing of the transaction is planned for the first quarter of 2021.