Bidding war heats up for Toshiba Medical

January 27, 2016 By Brad Perriello Leave a Comment

A bidding war for Toshiba (TYO:6502) subsidiary Toshiba Medical is reportedly heating up among a slew of private equity players and rival corporations.

Toshiba, which said last month that it’s seeking outside investors to buy a stake in the healthcare business amid laying off nearly 7,000 workers, wants to focus on its core nuclear energy and chip businesses.

Private equity shops KKR and Bain Capital and Toshiba rivals Fujifilm Holdings (TSE:4901) and Canon (NYSE:CAJ) are in the running for a controlling share in Toshiba Medical, people familiar with the process told Reuters today. The deal could fetch more than $3 billion (¥400 billion), they said.

Other offers include joint bids by Konica Minolta (TYO:4902) and PE shop Permira, and Sony Corp. (TYO:6758) and Carlyle Group. KKR teamed up with Mitsui (TYO:8031), the sources said.

The Development Bank of Japan is also considering a run at Toshiba Medical, perhaps in conjunction with a successful bidder, according to another source.

The 1st round of bidding is slated to close Jan. 29, with a 2nd round determining issues such as the size of the stake, according to the sources.

Canon CFO Toshizo Tanaka today confirmed his company’s interest in Toshiba Medical, saying Canon “was raising its hand” in the bidding war.

Toshiba is embarking on a massive restructuring aimed at righting the ship after a $1.3 billion accounting scandal, meaning massive job cuts for its consumer electronics business and the sale of a TV plant in Indonesia. The total number of layoffs could reach 10,000, including cuts already under way and voluntary early retirement.

MTD Micro Molding late president to be inducted into Plastics Hall of Fame
MTD Micro Molding this week announced that its late president Dennis Tully will be inducted into the Plastics Academy’s Plastics Hall of Fame. Tully is one of six posthumous inductees this year, who are elected by living members of the Hall of Fame after a screening process. “These new posthumous inductees proudly represent the length… […]
This neural implant can be both remotely charged and programmed
Engineers at Rice University’s Brown School of Engineering are touting the first neural implant capable of being programmed and charged remotely with a magnetic field. Kaiyuan Yang, Jacob Robinson, Zhanghao Yu and Joshua Chen collaborated to develop the integrated MagNI (magnetoelectric neural implant) microsystem, which could allow imbedded devices such as a spinal cord stimulator… […]
Integer shares up after Street-beating Q4
Integer Holdings (NYSE:ITGR) shares were up at close today on fourth-quarter results that topped the consensus forecast, despite a big dip in profits. The Plano, Texas-based company posted profits of $11 million, or 33¢ per share, on sales of $325.6 million for the three months ended Dec. 31, 2019, for a 57.2% bottom-line slide on sales… […]
These young medtech companies raised the most money in 2019
Medical device industry insiders may very well remember 2019 as the year that IPOs came back — but another sign that the U.S. economy has left the Great Recession far behind. Among the top investment deals in the space, half involved public offerings, according to the MoneyTree report from PricewaterhouseCoopers (PwC) and CB Insights. Total investments in… […]
Teleflex Medical OEM acquires medical tubing company
Teleflex Medical OEM (Wayne, Pa.), today announced the acquisition of IWG High Performance Conductors (HPC), a medical tubing and wire components manufacturer. The addition bolsters Teleflex Medical OEM’s position in the arena of custom-engineered medical devices and its ability to provide clients with technologies used in electrophysiology, drug- and stent-delivery and neurovascular interventions, according to… […]
Integer expands to Israel
Integer Holdings (NYSE:ITGR) today announced it has acquired medtech manufacturer Inomec, formally establishing its presence in Israel. The Plano, Texas-based company said the acquisition will enable it to create an R&D and sales center in the region and adds important catheter design, clinical and pilot manufacturing capabilities to its portfolio. “Acquiring Inomec strengthens our research… […]
Why non-magnetic capacitors matter in medical imaging
The quality of an MRI image depends on the homogeneity, or uniformity, of the magnetic field. Component material choice is paramount; even the smallest trace of magnetism inside an MRI scanner can disrupt the field and harm the quality of an MRI image. Peter Matthews, Knowles Precision Devices Magnetic resonance imaging (MRI) equipment uses a… […]
This heart valve can adapt as a child grows
Boston Children’s Hospital is touting a new design that could allow children to maintain the same prosthetic heart valve until adulthood, which could also benefit adults with heart valve defects. Current prosthetic heart valves implanted in children with congenital heart disease are fixed in size, which requires multiple open-heart surgeries during childhood to replace the… […]
Simulating Reality With 3D Printed Medical Models
The medical breakthroughs that cure disease, restore health and prolong life aren’t created in a vacuum. They rely on the convergence of visionary minds and cutting-edge technology. This case study explores how the Jacobs Institute is leveraging 3D printing technology from Stratasys® to elevate medical device innovation and training, using ultrarealistic anatomical models created by… […]
These ‘smart’ bandages could heal chronic woulds
UConn biomedical engineers are touting a wirelessly controlled “smart” bandage and corresponding platform for delivering medications to chronic, non-healing wounds. UConn’s School of Dental Medicine, School of Medicine and School of Engineering comprise the biomedical engineering department, which contributed to developing the smart bandage. Ali Tamayol, an associate professor at UConn, led the development of… […]
How to cook up a successful medtech company
New medical device companies need much more than money to get their businesses started. A medtech-specific accelerator can help with seed funding and positioning for a Series A round. Shai Policker, MEDX Xelerator As we dive into 2020, the medtech sector will continue to offer tremendous opportunity for innovators and investors alike, with growth projected… […]