Medtronic updates on $43B Covidien deal financing
October 24, 2014 by Brad Perriello
Medtronic said today that it plans to assume some $16 billion in U.S. debt to help pay for its $43 billion acquisition of Covidien, slated to close late this year or early in 2015.
The Fridley, Minn.-based medical device company had planned to use about $13.5 billion in overseas cash for the merger, but new U.S. Treasury rules instituted last month prompted it to change the structure of the deal. Read more
Boston Scientific, Bard CEOs cool on consolidation
October 23, 2014 by Brad Perriello
The chief executives at Boston Scientific and C.R. Bard said this week that they’re cool on the consolidation trend sweeping the medical device sector.
Discussing their respective results for the 3rd quarter, the CEOs – Boston’s Mike Mahoney and Bard’s Tim Ring – each said a mega-merger along the lines of Medtronic’s $43 billion Covidien buy or Zimmer’s $13 billion union with Biomet doesn’t make sense for their businesses. Read more
Nevro sets range for IPO of up to $106m
October 28, 2014 by Brad Perriello
Nevro Corp. set the price range for its forthcoming initial public offering, which would raise $106.3 million at the high end of the range.
Menlo Park, Calif.-based Nevro plans to trade on the NASDAQ exchange under the symbol NVRO, according to a regulatory filing. Read more
Alere to sell Alere Health unit to Optum for $600m
October 28, 2014 by Val Kennedy
Alere agreed to sell Alere Health, its health-management unit, to health-services provider Optum for $600 million in cash in order to focus on its core rapid diagnostics business.
Alere said it plans to use proceeds from the sale to reduce its debt load. The deal is subject to approval by certain lenders under Alere’s senior secured credit facility. Optum is a unit of UnitedHealth Group. Read more
Skyline Medical conducts 1-for-75 reverse stock split
October 28, 2014 by Val Kennedy
Skyline Medical conducted a 1-for-75 reverse stock split earlier this week, reducing the number of outstanding shares to approximately 3 million, according to a regulatory filing.
Split-adjusted shares of Skyline are expected to begin trading Oct. 28 on the OTCQB market under its current symbol, SKLN. The ticker symbol will carry a ‘D’ at the end for 20 business days to alert the public to the split. Read more