TherapeuticsMD has been publicly evaluating strategic alternatives — including a sale, merger, or asset transaction — for multiple consecutive quarters. Formerly a women's healthcare company, they transitioned to a pharmaceutical royalty model in December 2022. With $8.4M cash, growing license revenue (+71.6% YoY), and a board actively signaling desire to sell for 18+ months, this is one of the cleanest acquisition targets in healthcare — no employees to retain, no manufacturing to integrate, just royalty contracts and cash.

SANUWAVE has $41M revenue and 77% gross margins in FDA-approved wound care systems. Three converging signals in 2026: CEO appointed from largest shareholder with mandate to "explore strategic options," Q2 guidance revised downward citing "material market disruption," and back-to-back C-suite terminations in late 2025. At ~$176M market cap with 77% margins, comparable wound care transactions have closed at 4–6x revenue — significant upside for a strategic acquirer.