The Medical Device Business Journal — Medical Device News & Articles | MassDevice
Johnson & Johnson (NYSE: JNJ) agreed to pay $480 million in cash to acquire Micrus Endovascular Corp. (NSDQ:MEND), a San Jose, Calif.-based maker of cerebral vascular devices.
Micrus specializes in "bioactive" coils used to treat ischemic stroke and aneurysms, according to a press release. The deal is expected to close during the second half of the year.
ev3 Inc. (NSDQ:EVVV) agreed to settle a group of lawsuits filed by shareholders looking to block its $2.6 billion buyout by Covidien plc (NYSE:COV).
The lawsuits, filed in the Hennepin County District Court for Minnesota and Delaware’s Court of Chancery, accused the Plymouth, Minn.-based company’s board of breaching its fiduciary duties in giving a green light to the merger and of failing to disclose how it evaluated the offer from Covidien, according to regulatory filings.
The Grand Court of the Cayman Islands plans to review a controversial, $1.6 billion merger between WuXi PharmaTech (Cayman) Inc. (NYSE:WX) and Charles River Laboratories International Inc. (NYSE:CRL).
Under the law of the Cayman Islands, where WuXi is incorporated, Grand Court approval is required to consummate the deal. WuXi said the court, equivalent to the U.S. Supreme Court, is expected to say yea or nay about two weeks after the June 29 hearing.
Shareholders of Phase Forward Inc. (NSDQ:PFWD) voted to approve a $685 million acquisition bid from Oracle Corp. (NSDQ:ORCL).
The Waltham, Mass.-based clinical trial data management firm also announced the dismissal of a lawsuit filed by stockholders, accusing the company and its management of breaching their fiduciary duties in agreeing to the merger and seeking to block the deal.
Covidien plc (NYSE:COV) priced an offering of $1.5 billion worth of senior debt notes to finance its pending acquisition of ev3 Inc. (NSDQ:EVVV).
The Mansfield, Mass.-based medical products conglomerate said it plans to issue $500 million worth of 1.875 percent notes due in 2013; $400 million worth of 2.8 percent notes due in 2015; and $600 million worth of 4.2 percent notes due in 2020, all in a debt offering expected to close June 28.
Covidien plc (NYSE:COV) registered for a debt offering with the Securities & Exchange Commission, aiming to drum up some cash to pay for its $2.3 billion acquisition of ev3 Inc (NSDQ:EVVV).
The Mansfield, Mass.-based medical products conglomerate filed shelf registration documents with the SEC indicating its plans to sell an unspecified amount of debt in $1,000 increments.
Two more top investors in Charles River Laboratories International Inc. (NYSE:CRL) voiced opposition to a proposed merger with WuXi PharmaTech (Cayman) Inc. (NYSE:WX), saying the deal is too risky.
Neuberger Berman LLC, in a June 16 letter to CRL’s board of directors, said the merger is not in the best interest of CRL’s shareholders and Relational Investors LLC warned the company that its directors could be forced off the board by shareholders angered at the deal.
Covidien plc (NYSE:COV) continued to streamline its medical device operations with the latest acquisition in a series of buys and sells: a $250 million cash buyout of oximetry equipment maker Somanetics Corp. (NSDQ:SMTS).
The Mansfield, Mass.-based medical products conglomerate agreed to pay $25 per share, or $250 million, for Troy, Mich.-based Somanetics.
Charles River Laboratories International Inc. (NYSE:CRL) responded to its largest shareholder’s protest about a proposed merger with Shanghai-based WuXi PharmaTech (Cayman) Inc. (NYSE:WX), saying the deal was too good to pass up.
In a letter to Jana Partners Inc. managing partner Barry Rosenstein, CRL CEO James Foster wrote that the hedge fund’s view of the proposed deal’s "strategic business benefits and attendant shareholder value proposition" are at odds with his company’s.
The largest individual shareholder of Charles River Laboratories International Inc. (NYSE:CRL) has deep reservations about the company’s proposed acquisition of WuXi (Cayman) PharmaTech Inc. (NYSE:WX) and they’re not shy letting their position be known.
Millipore Corp. (NYSE:MIL) shareholders approved a $7.2 billion merger proposed by German pharmaceutical giant Merck KGaA (NYSE:MRK).
The $107-per-share deal, announced in February, would see Merck take on another $890 million in Millipore debt.
