Bidding war for Carestream heats up | Wall Street Beat

MassDevice.com Wall Street Beat

At least 5 major private equity players are vying for medical device company Carestream Health, including Bain Capital, Carlyle Group and KKR & Co., according to Reuters.

Onex Corp. is hoping to unload Carestream, formed in the 2007 spinout of Eastman Kodak Co.’s healthcare business, for up to $3.5 billion, the news service reported.

The other LBO players said to be in the hunt by "people familiar with the matter" include Thomas H. Lee Partners and Hellman & Friedman, Reuters reported.

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The bidding is past the 1st round, according to the anonymous sources, 1 of whom said Canadian private equity shop Onex bought Carestream from Kodak for $2.35 billion. Bidders’ valuations range from $2.7 billion to $3.5 billion, according to the news service.

 Angiotech swings to Q4 black
Angiotech Pharmaceuticals posted black ink for the 4th quarter ended Dec. 31, 2012, reporting profits of $5.3 million, or 42¢ per share, on sales of $57.5 million – an 11.7% sales increase.
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 Lumenis sees 2012 profits surge 914%
Israeli medical device company Lumenis raised its 2012 profits to $7.0 million, up some 914%, on flat sales growth of 0.7% to $248.6 million.
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 Oculeve raises nearly $8M for its drug/device dry eye treatment
Oculeve revealed in a regulatory filing that it’s raised $7.6 million from 9 unnamed investors. The South San Francisco-based company is developing a device designed to be placed adjacent to the lacrimal gland to stimulate endogenous tear secretion.
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 Hologic closes LifeCodes sale to Immucor
Hologic (NSDQ:HOLX) said it closed the $85 million sale of its LifeCodes business to Immucor (NSDQ:BLUD).
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 Analysts’ ups and downs

  • Abbott (NYSE:ABT): TheStreet reaffirms “hold” rating.
  • Baxter (NYSE:BAX): Morgan Stanley raises price target from $71 to $84, maintains “overweight” rating.
  • Becton Dickinson & Co. (NYSE:BDX): Jefferies & Co. raises price target from $96 to $107, reiterates “buy” rating.
  • Covidien (NYSE:COV): Jeffries raises price target from $66 to $75, maintains “buy” rating.
  • Edwards Lifesciences (NYSE:EW): Goldman Sachs reiterates Buy rating, lowers price target from $112 to $106; JPMorgan Chase reaffirms "neutral" rating, lowers price target to $82.
  • Insulet (NSDQ:PODD): Leerink Swann raises price target from $25 to $30, reaffirms “outperform” rating.
  • Intuitive Surgical (NSDQ:ISRG): Canaccord Genuity upgrades from "hold" to "buy" rating, lowers price target to $527 from $590; TheStreet reaffirms "buy" rating.
  • Vascular Solutions (NSDQ:VASC): Piper Jaffray initiates coverage with “overweight” rating, $18 price target.

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