Baxter (NYSE:BAX) is the front-runner in the chase for has emerged as the frontrunner to buy India’s Gland Pharma for as much as $1.2 billion, according to the Economic Times. Hyderabad-based Gland, which is partially owned by private equity giant KKR, is a contract manufacturer of injectables. KKR bought a 40% stake for $191 million in November 2013; […]
Wall Street Beat
Ex-banker’s father avoids jail time in insider trading case
The father of a former investment banker with JP Morgan and Perella Weinberg Partners accused of insider trading avoided jail after pleading guilty to the charges last year. Federal prosecutors accused Robert Stewart, son Sean Stewart and a 3rd man of using inside information to trade the stock of 5 healthcare companies acquired between 2011 and 2014. Judge Laura Taylor […]
TransEnterix shelves SurgiBot after FDA denial, turns to ALF-X
TransEnterix (NYSE:TRXC) is shelving its SurgiBot robot-assisted surgery platform and focusing on the ALF-X platform it acquired last year. Stock prices for the Research Triangle Park, N.C.-based plunged last month when TransEnterix revealed that the FDA denied its submission for 510(k) clearance for the SurgiBot, which it claims as the 1st patient-side robotically enhanced laparoscopy platform designed […]
Baxter issues 4-year forecast
Baxter (NYSE:BAX) yesterday said it hopes to grow earnings per share to $3 over the next 4 years, as it looks to improve its operating margins and grow the top line. The Chicago-area healthcare giant said it expects to post adjusted EPS of 2.10 to $2.25 in 2018, on sales growth of 3% to 4% on a […]
Layoffs ahead as Haemonetics restructures, names new CEO
Haemonetics (NYSE:HAE) said yesterday that it plans to take a pre-tax charge of $26 million, including $17 million worth of “termination benefits,” as part of another round of layoffs aimed at boosting profitability and growth. The Braintree, Mass.-based blood management company also said it named Chris Simon to be its new CEO, replacing interim chief Ron […]
Masimo wins $36m Defense Dept. contract
Masimo (NSDQ:MASI) won a contract from the U.S. Defense Dept. worth nearly $36 million for its pulse oximeters. The 5-year deal calls for Irvine, Calif.-based Masimo to provide the devices to the U.S. Army, Navy, Air Force, Marine Corps and federal civilian agencies. Masimo won out over 84 other bidders for the contract, the Defense Dept. […]
Dentsply Sirona beats expectations with post-merger Q1
Dentsply Sirona (NSDQ:XRAY) topped expectations with its 1st quarterly results since closing closing the $5.6 billion merger in February created the world’s largest dental equipment maker. York, Pa.-based Dentsply Sirona posted profits of $125.0 million, or 70¢ per share, on sales of $772.6 million for the 3 months ended March 31, for profit growth of 95.3% on sales […]
Ligand Pharmaceuticals pays $18m for CorMatrix assets
Ligand Pharmaceuticals (NSDQ:LGND) said this week that it’s getting into the medical device arena with the nearly $18 million acquisition of multiple tissue repair assets from CorMatrix. San Diego-based Ligand said it paid $17.5 million for synthetic royalties on existing extracellular matrix products, including the CanGaroo ECM envelope for implantable electronic devices, and the right […]
Siemens Healthcare’s ‘Healthineers’ re-branding is widely panned
The re-branding of German conglomerate Siemens‘s (NYSE:SI) healthcare business as “Siemens Healthineers” – and the mandatory concert it threw for 44,000 employees – have drawn widespread scorn across the globe. The new name is intended to underline its pioneering spirit, Siemens said in a statement. “Healthineers will continue to strengthen its leading portfolio across the medical imaging […]
Olympus slides on profit outlook despite swing to Q4, 2016 black
Shares in Olympus (TYO:7733) slid as much as -6.9% today before closing down -4.6% at roughly $33.67 (¥4,010.00), after the Japanese tech conglomerate said it expects lower sales and profits during its fiscal year ending next March. Olympus said it expects sales to be off by -0.6% at about $7.46 billion (¥800 billion) for fiscal 2017. […]
Toshiba promotes medical chief Tsunakawa to CEO
Toshiba (TYO:6502) said today that it promoted the chief of its medical equipment business, Satoshi Tsunakawa, to be its next CEO as it looks to recover from a $1.5 billion accounting scandal. Tsunakawa, 60, is credited with having grown profits for the medical business. He was not involved in the accounting scandal; ex-CEO Hisao Tanaka and 7 other senior […]