Finland’s contributions to medtech are often less recognized than those of its Nordic cousins, Sweden and Denmark. But the country has produced its fair share of industry firsts and while in vitro diagnostics is a particular stronghold of Finland, its medical device innovators are no laggards, according to Medtech Insight’s sister publication, Clinica.

Device and diagnostics companies both suffered declines in fundraising compared with previous quarters. The biggest medtech acquisition was Stryker’s $1.4 billion buyout of MAKO, while in diagnostics BioMeriux’s $450 million purchase of BioFire topped the list.

Device companies kicked off 2013 by raising $1.1 billion via 45 transactions; the only device M&A transaction in Q1 to exceed the billion-dollar mark was Cardinal Health Inc.’s $2.07 billion acquisition of AssuraMed. Diagnostics firms began 2013 by raising a total of $286 million in the opening quarter, a 46% improvement over Q4 2012’s tally.

Biogen paid over $3 billion to buy out Elan’s share of Tysabri. Mylan and Cardinal Health made two billion-dollar-plus acquisitions. FOPOs represented over 50% of the $827 million in biopharma financing. The $322 million in device fundraising was dominated by late-stage venture rounds.