Teleflex closes $276M LMA buyout | Wall Street Beat Wall Street Beat

Teleflex (NYSE:TFX) said it’s closed the $276 buyout of surgical mask maker LMA International.

The deal brings Singapore-based LMA’s branded laryngeal mask supraglottic airway and its Intavent Direct Ltd. businesses under the Teleflex umbrella.

"These acquisitions will be complementary to Teleflex’s current anesthesia and respiratory businesses, creating a stronger, more diversified business segment with more than $530 million in combined annual sales," chairman, president and CEO Benson Smith said when the deal was announced in August. "The addition of these businesses significantly strengthens and expands our global anesthesia product portfolio, providing opportunities with respect to key clinical U.S. and international call points, while also further strengthening our GPO relationships."

Sign up to get our free newsletters delivered straight to your inbox

At the time Teleflex also said that the deal is expected to add 3¢-4¢ to its adjusted earnings per share during fiscal 2012 and 35¢-40¢ in fiscal 2013.

"From a longer-term perspective, getting a more robust product pipeline is just an important gap that we need to fill," Smith told analysts during a conference call, citing Teleflex’s $80 million buyout of Semprus BioSciences in June and a $15 million deal for Hotspur in July.

Those buys were designed to add to its product pipeline, he said, adding that Teleflex would also look for "share enhancers" for its existing businesses – a niche the LMA deal seems to fulfill.

"We do expect and believe that we can find some other acquisitions within the confines of our current franchises, which I’ll describe as sort of ‘share enhancers’ that give us a much firmer position in some of our existing franchises," Smith said during the July 31 call.

 Zoll establishes Japanese subsidiary
Zoll Medical, which was acquired by Asahi Kasei in for $YY billion in YY, said it’s launching a Japanese subsidiary, Asahi Kasei Zoll Medical Corp., effective Nov. 5.

The new Tokyo-based subsidiary will be led by president Seiji Sakano, reporting Zoll CEO Richard Packer.

"This subsidiary, headed by Dr. Sakano, who previously held the position of general manager of Asahi Kasei’s Advanced Medical Device Center, represents a solid opportunity to enter a high-growth market,"Packer said in prepared remarks. "AZM will leverage the resources of the Asahi Kasei Group to facilitate these developments for the swift expansion of Zoll’s business in Japan."
Read more

 AirStrip, Spine Restoration land $15M

AirStrip Technologies and its suite of apps to allow physicians real-time access to patient vital signs and other clinical data, landed more than $10 million from the Wellcome Trust, CEO Alan Portela told Xconomy. AirStrip, which last week sued mVisum for patent infringement, won FDA clearance in 2010 and CE Mark approval in January for its remote monitoring solution.

Austin, Texas-based Spine Restoration said it closed a $5 million round it plans to use to fund the biologic license application submission and early commercialization for its Biostat tissue sealing system. The funding includes a $3 million equity round from current investors Austin Ventures, Santé Ventures and MB Venture Partners, plus a $2 million in debt from Comerica Bank.
Read more

 Cambridge Heart wins debt reprieve
Cambridge Heart (NSDQ:CAMH) said it won a reprieve from creditors for its 8% secured convertible promissory notes in return for issuing another $300,000 worth of debt. The deal called for Cambridge Heart to make interest payment Oct. 1 and Jan. 1, 2013, but creditors agreed to forego those payments until March 31, 2013, or until the medical device company has enough cash to make the payment or goes bankrupt.
Read more

 GPOs: Premier inks deals for used surgical suites

Premier Healthcare Alliance said it struck deals with Steris (NYSE:STE), Future Health Concepts, Heartland Medical Sales & Services, Metropolitan Medical Services of NC and World Medical Equipment for used surgical suites.

Premier also said it inked a deal with Designs For Vision, Integra Luxtex, SheerVision and Sunoptic Technologies for surgical headlights.  
Read more

 Analysts’ ups and downs

  • Amgen (NSDQ:AMGN): BMO raises estimates, sets "market perform" rating, new $83 price target.
  • C.R. Bard (NYSE:BCR): Mizuho lowers price target from $93 to $88, sets "neutral" rating.
  • Danaher (NYSE:DHR): J.P. Morgan reiterates “overweight” rating, lowers price target from $61 to $59.
  • Edwards Lifesciences (NYSE:EW): Wunderlich lowers price target from $104 to $98, maintains “hold” rating.
  • Intuitive Surgical (NSDQ:ISRG): Mizuho raises price target from $540 to $565, sets “buy” rating; Zacks reaffirms "neutral" rating, sets $563 price target.
  • NuVasive Inc. (NSDQ:NUVA): TheStreet Ratings downgrades from "hold" to "sell" rating.
  • Stryker (NYSE:SYK): S&P Capital IQ cuts from “buy” to “hold” rating.
  • Vascular Solutions (NSDQ:VASC): Feltl & Co. reiterates “buy” rating, raises price target to $16.25.

RSS From Medical Design & Outsourcing

  • Bayer rebrands material science biz as Covestro
    Bayer said the re-branding of its material sciences business as Covestro is complete, with a separate legal and economic structure for the Pittsburgh-based subsidiary ahead of a planned IPO next year. “Independence will enable us to bring our strengths to bear in global competition more quickly, effectively and flexibly,” Covestro CEO Patrick Thomas said in prepared […]
  • BRILAMET research project brought to successful conclusion: Precision laser-cutting technique optimized for thick metal sheets
    Using lasers to cut sheet metal is something that has typically been handled in the realm of CO₂ and fiber lasers, although this may not be the case for much longer. Diode lasers are increasingly emerging as the light source of choice for a large number of applications, as can be seen from the BRILAMET […]
  • Mobidiag and Unilabs enter into agreement over use of Amplidiag product line for molecular gastrointestinal diagnostics
    Mobidiag, a Finnish molecular diagnostics company specialized in the development of innovative diagnostics solutions for infectious diseases, and Unilabs, a diagnostics service provider, announced an agreement covering the supply of Amplidiag products over the next four years for Unilabs in Sweden and Norway. The Amplidiag product line covers six diagnostic products for various gastrointestinal infections, […]
  • Quick work keeps dental implants in place among women with osteoporosis
    As natural as aging is, it can tend to feel like a downward spiral. As the years increase, bone mass and strength decrease. Teeth can fall out, and the drugs and surgery designed to return things to normal may actually make bone related issues worse. Osteoporosis is a common problem for women who have gone […]
  • Cyberdyne CEO has severed spines on his agenda
    Editor’s Note: This article is from‘s Natasha Khan. Cyberdyne Inc.’s CEO, Yoshiyuki Sankai, is researching ways to repair damaged body tissue. The 57-year-old scientist’s vision: to treat patients with spinal injuries by using stem-cell related technology to repair nerve connections and robotic suits that aid movement. Sankai’s company is setting its sights on better […]
  • Teknor Apex to showcase wide range of PVC compounds for medical devices at Medtec China
    Building on its international leadership role as a supplier of medical-grade PVC compounds, Teknor Apex Company has developed flexible and rigid formulations that address the special needs of device manufacturers. The company will highlight these capabilities at Medtec China 2015. “Teknor Apex produces or markets medical-grade PVC compounds in China, Singapore, Europe, and the United […]
  • The Raspberry Pi eco-system goes interstellar with the new Raspberry Pi Sense HAT
    Newark element14 has globally launched the latest addition to the expanding ecosystem of Raspberry Pi accessories, the Raspberry Pi Sense HAT, as featured in the ‘Astro Pi’ space mission. The Sense HAT will enable enthusiasts to control the same hardware used in space. The Sense HAT attaches to the Raspberry Pi board, and can be […]
  • CommScope completes acquisition of TE Connectivity’s Telecom
    CommScope Holding Company, has completed its previously announced acquisition of TE Connectivity’s Telecom, Enterprise and Wireless businesses, a leader in fiber optic connectivity for wireline and wireless networks. The all-cash transaction, valued at approximately $3 billion, strengthens CommScope’s position as a leading communications infrastructure provider with deeper resources to meet the world’s growing demand for network […]
  • SPI awards IKO Prosthetic Creative System the Student Design International Design Excellence Award
    SPI: The Plastics Industry Trade Association congratulated IKO Prosthetic Creative System for winning the SPI Student Design Award, part of the Industrial Designers Society of America’s (IDSA’s) International Design Excellence Awards (IDEA) program. The award was presented to IKO, an innovative, youth-focused prosthetic design company led by Chicago-based designer Carlos Torres, by SPI’s Senior Director of […]
  • New assay could revolutionize diagnosis and treatment of life-threatening disease
    Invasive Fungal Disease (IFD) is an emerging global health problem associated with high mortality rates in severely immunocompromised patients, such as those undergoing intensive chemotherapy or stem cell transplantation, and in patients suffering immune compromising conditions such as AIDS. The most common causative agents of this disease have been identified as Candida and Aspergillus species, […]
  • Molex delivers ISO 13485-compliant, medical-grade surgical cables from its class 100,000 clean room facility
    Molex, LLC operates a fully ISO 146441-1:1999 Class 8-certified clean room, satisfying strict particulate contamination levels specified by ISO-compliant requirements. Located in Thailand, the facility has less than 100,000 particulates (≥0.5µm) per cubic foot of air and manufactures a variety of ISO 13485-compliant medical cables and surgical cables used in operating theatres, hospitals, laboratories and […]

Leave a Reply