After the Covid-19 pandemic reached Europe in early 2020, the German healthcare market went into a brief shock paralysis along with the entire country. Several ongoing or planned transactions in the healthcare sector were abruptly cancelled or postponed. After only two or three months, this changed again dramatically, as stakeholders quickly realized that answers to the pandemic could be found in healthcare – and for investors, in the healthcare market. A primary focus was on testing, and clinical labs were suddenly more on the radar than possibly ever before. How did Health M&A develop during Covid-19 and what does the future hold?