Shareholders of Orthovita Inc. (NSDQ: VITA), a Malvern, Pa.-based orthopedic biologics maker, are suing over a proposed $316 million merger by Stryker Corp. (NYSE:SYK ) that represents a hefty premium on VITA stock price.
Mergers & Acquisitions
Neoprobe sells radiation detection sector to Devicor | Acquisitions roundup
Cancer diagnostics firm Neoprobe Corp. (NYSE:NEOP) sold its Gamma Detection Systems sector to Devicor Medical Products Inc. in a deal that’s worth up to $50 million.
Devicor, based in Pleasant Valley, Wis., agreed to pay $30 million up front and up to $20 million in royalty payments.
Dublin, Ohio-based Neoprobe will get the full royalty payment if Devicor tops $21 million in sales of the devices in the next five years.
Histogenics raises $34 million after ProChon Biotech merger
Histogenics Corp. brought in more than $34 million in equity and debt financing after its acquisition of fellow Bay State firm ProChon Biotech Ltd.
The two companies merged in an all-stock deal that brings ProChon CEO Patrick O’Donnell into the Histogenics corner office.
O’Donnell told MassDevice.com last week that a deal has been in the works since the early part of 2011.
Stryker launches tender offer for Orthovita
Thermo Fisher to acquire Phadia for $3.5 billion
Thermo Fisher Scientific Inc.’s (NYSE:TMO) spending spree continued this week as the company announced plans to drop $3.5 billion in cash for Phadia, a Swedish blood test maker.
The all-cash deal, which is expect to close in the fourth quarter of 2011, gives Thermo Fisher expanded reach in specialty diagnostics. Phadia supplies more than 70 percent of the world’s allergy laboratory tests and 40 percent of autoimmunity tests, according to a prepared release.
Stryker CEO MacMillan bullish on the future at analyst meeting
Stryker Corp. (NYSE: SYK ) CEO Stephen MacMillan took time out to tout his company’s resilience at an analyst meeting in New York Wednesday.
MacMillan said the Kalamazoo, Mich.-based orthopedic and medical equipment giant has proven its mettle in tough times, something he said would allow it to continue to perform, despite struggles in the orthopedic industry.
St. Jude Medical puts more skin in iRhythm Technologies| Acquisitions roundup
St. Jude Medical’s (NYSE:STJ) partnership with a California-based arrhythmia-diagnostic company is going well enough that it recently poured more money into that startup.
Stryker deal for Orthovita yields nice return for hedge fund
Analogic founder Gordon sues over NeuroLogica buyout | Legal Roundup
Bernard Gordon, who founded medical imaging giant Analogic Corp. (NSDQ:ALOG) in 1964, is accusing the company of deliberately interfering with acquisitions of his new firm, NeuroLogica Corp.
In a lawsuit filed in the U.S. District Court for Massachusetts, NeuroLogica and co-plaintiffs Gordon and two other NeuroLogica executives accuse Analogic of seeking to prevent another, un-named company from acquiring NeuroLogica in a bid to force a below-market buyout in its own favor.
Thermo Fisher finally closes $2 billion Dionex deal
After six months of delays, the marriage between Thermo Fisher Scientific Inc. (NYSE:TMO) and Sunnyvale, Calif.-based Dionex Corp. (NSDQ:DNEX) was finally consummated.
The deal, first announced Dec. 13, 2010, was beset by several delays in clearing anti-trust hurdles in the European Union and the U.S.
CRO merger: INC Research to buy Kendle for $232 million | Acquisitions roundup
Cincinnati-based contract research organization Kendle International Inc. (NSDQ:KNDL) has solved its “acquire-or-be-acquired” dilemma.
Kendle agreed to sell itself to Raleigh, N.C.-based CRO INC Research LLC for $232 million, according to a statement from the companies.