Wright Medical launches Infinity total ankle implant
June 19, 2014 by Brad Perriello
Wright Medical said it’s launching the Infinity total ankle replacement system in the U.S., touting the device as a solution for both primary ankle arthroplasties and secondary or revision surgeries.
The device is designed to be compatible with Wright’s Inbone II talar components and the Prophecy pre-operative alignment system, the company said. Read more
Investors fire life science VC Burrill from his own fund
June 19, 2014 by Brad Perriello
The investors behind a $283 million venture capital fund ousted its high-flying founder, Stephen Burrill, after the fund’s manager allegedly discovered that Burrill and his company’s chief counsel and its CFO misappropriated nearly $20 million from the fund, according to a lawsuit filed in a California state court.
The lawsuit, filed by the managing director for Burrill & Co.’s Fund II and Fund III, Ann Hanham, accuses Burrill, longtime outside-counsel-turned-staff-counsel Victor Hebert and CFO Helena Sen of diverting $19.2 million from Fund III “over a period of several years, ostensibly (1) “to ‘prepay’ for management services not yet rendered, and (2) to fund unspecified and unauthorized loans,” according to the lawsuit. Read more
CareFusion hits new high, confirms layoffs and outsourcing to Mexico
June 24, 2014 by Arezu Sarvestani
California medical device maker CareFusion confirmed this week that it plans to shut down a facility in Totowa, N.J., in order to shift manufacturing to an existing plant in Mexico.
CareFusion took over the plant when it acquired GE Healthcare subsidiary Vital Signs for $500 million late last year, but after a “detailed evaluation” decided to move manufacturing to a facility “with expertise in modeling and manufacturing specialty disposables,” a CareFusion spokesperson told MassDevice.com today. Read more
Allergan urges shareholders to reject Valeant's $52B hostile takeover bid
June 23, 2014 by Brad Perriello
Allergan today urged its stockholders to reject the latest takeover bid from Valeant Pharmaceuticals, worth roughly $51.54 billion, saying the hostile takeover attempt significantly undervalues Allergan.
A Delaware state court is slated to rule July 7 whether Valeant’s move to solicit shareholder, in concert with the Pershing Square hedge fund led by hedge mogul Bill Ackman, s violates the “poison pill” Allergan adopted to head off the unsolicited takeover. Read more