Stryker (NYSE:SYK) CEO Kevin Lobo told an investors conference audience in Las Vegas yesterday that the medical device company is still in the mergers & acquisitions hunt, even after its newsmaking buyouts of China’s Trauson Holdings, Israel’s Orthovita and Surpass Medical.
"We do have an appetite to do more acquisitions," Lobo said during the Bank of America Merrill Lynch 2013 Health Care Conference, stressing the importance of its recent acquisitions, according to the mlive website.
Stryker agreed to pay $764 million in January for Trauson, a Chinese medical device company that makes spinal and trauma care products. In October 2012, the Kalamazoo, Mich.-based orthopedics giant agreed to pay up to $135 million to acquire Israeli stent maker Surpass Medical. Stryker paid $316 million for Orthovita in 2011.
Lanx raises $15M Series C round
Spinal implant maker Lanx said it drummed up a $15 million Series C equity round led by new backer Credit Suisse Asset Management and all of its prior investors.
Covidien prices $750M debt offering
Covidien (NYSE:COV) priced a $750 million offering of 2.95% senior notes due 2023, in an offering slated to close today, planning to use the proceeds to retire existing 1.875% senior notes due in June.
Tornier closes $79M public offering
Tornier (NSDQ:TRNX) said it closed a public offering of nearly 8.1 million shares at $16.15 apiece, including almost another 1.1 million shares in an over-allotment, for net proceeds of roughly $78.8 million.
Sirona in $100M share buyback
Sirona Dental Systems (NSDQ:SIRO) said its board added a $100 million authorization to the $7.4 million remaining on a share repurchasing plan inaugurated in August 2011.
- Abbott (NYSE:ABT) : Barclays Capital restates “equal weight” rating, $35 price target.
- Allscripts (NSDQ:MDRX): Citigroup upgrades to “buy” from “neutral” rating, price target goes to $18.
- Becton Dickinson & Co. (NYSE:BDX): CL King reiterates “buy” rating, $110 price target; Jefferies maintains "buy" rating, raises price target to $110 from $107; Lazard Capital Markets downgrades to "neutral" rating.
- Boston Scientific (NYSE:BSX): JP Morgan raises price target from $7.80 to $8, reiterates “neutral” rating; Piper Jaffray reissues "neutral" rating, $7 price target; Stifel Nicolaus reiterates "buy" rating, raises price target from $9 to $11; Wells Fargo upgrades from "market perform" to "outperform" rating, raises price target to $9-10 from $7-8.
- CareFusion (NYSE:CFN): Leerink Swann raises price target to ~$36 from ~$34, maintains “market perform” rating.
- Edwards Lifesciences (NYSE:EW): Jefferies maintains “buy” rating, $85 price target; UBS raises estimates.
- Endo Pharmaceuticals “hold”ings (NSDQ:ENDP): Jefferies reiterates “buy” rating, lowers price target from $47 to $37; Lazard Capital Markets downgrades "sell" from "neutral" rating, $27 price target.
- Insulet (NSDQ:PODD): Jefferies Group boosts price target from $25 to $29, “buy” rating.
- Intuitive Surgical (NSDQ:ISRG): Janney Montgomery Scott reissues “buy” rating, $670 price target.
- Medtronic (NYSE:MDT): Credit Suisse downgrades from “outperform” to “neutral” rating, raises price target from $50 to $53; JPMorgan Chase restates "neutral" rating, $49 price target; Piper Jaffray reiterates "overweight" rating, $50 price target.
- NuVasive Inc. (NSDQ:NUVA): Zacks cuts from “outperform” to “neutral” rating, $23.80 price target.
- Smith & Nephew (FTSE:SN, NYSE:SNN): Berenberg Bank downgrades from “buy” to “hold” rating, raises price target to £810 ($12.43) from £8.05 ($12.35).
- Teleflex (NYSE:TFX): Leerink Swann maintains “market perform” rating, $85 price target.
- Thoratec (NSDQ:THOR): Lazard Capital Markets downgrades to “neutral” rating.
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