Embattled breast implant maker Sientra (NSDQ:SIEN) said yesterday that it tapped medical device and pharmaceutical industry veteran Jeffrey Nugent to be its chairman & CEO, effective immediately. Nugent, older brother to musician and gun-rights activist Ted Nugent, replaces CEO Hani Zeini and chairman Nicholas Simon, both of whom are slated to retain their seats on the board. Nugent was the […]
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Derma Sciences scraps trial, mulls sale
Derma Sciences (NSDQ:DSCI) said today it would evaluate all options, including a sale, after scrapping a trial of its aclerastide drug for diabetic foot ulcers. DSCI shares plunged as much as 31%, dropping under their 6-year low today. The company makes wound care and regenerative medicine products. Aclerastide was its only drug candidate. Princeton, N.J.-based Derma Sciences said […]
Valeant, Ackman can’t dodge insider trading case from failed Allergan takeover
(Reuters) — A U.S. judge said Valeant Pharmaceuticals (NYSE:VRX, TSE:VRX) and activist hedge fund manager William Ackman must face a lawsuit accusing them of insider trading in Allergan (NYSE: AGN) before making an unsuccessful takeover bid for the maker of Botox. In a Nov. 9 decision, U.S. District Judge David Carter in Santa Ana, Calif., […]
Short seller Citron backs off Valeant claims
(Reuters) — Influential short-selling firm Citron Research did not publish new allegations against Valeant Pharmaceuticals (NYSE:VRX, TSE:VRX) yesterday, as many investors had anticipated, giving the beleaguered shares of the Canadian drugmaker a boost. Citron had promised in an Oct. 30 tweet to “update” the story yesterday, following its scathing report last month alleging accounting improprieties in a […]
AmSurg spikesTeamHealth buyout bid
(Reuters) — AmSurg (NSDQ:AMSG) yesterday withdrew its offer to buy TeamHealth Holdings (NYSE:TMH), after its revised bid was rejected by the medical staffing company. AmSurg said it decided to drop the bid as the TeamHealth board had refused to engage in discussions. TeamHealth said earlier yesterday that the revised proposal undervalued the company. AmSurg had raised the cash component of its […]
NxStage Medical jumps on Q3 beat-and-raise, reveals pipeline
NxStage Medical (NSDQ:NXTM) shares started up today as investors reacted to beat-and-raise results for the home hemodialysis company’s 3rd-quarter and details about its development pipeline. Lawrence, Mass.-based NxStage said it narrowed its losses by -47.8% to -$1.7 million, or -3¢ per share, on sales growth of 14.9% to $86.5 million compared with Q3 2014. The […]
Steris closes $2B Synergy Health merger
As expected, Steris (NYSE:STE) said today that it closed a $2 billion merger with the U.K.’s Synergy Health, after the U.S. Federal Trade Commission last week abandoned its bid to block the union. Last month a federal judge today shot down the U.S. Federal Trade Commission’s bid to block the pending, $1.9 billion merger. Today the Mentor, Ohio-based company said […]
Medical staffing company TeamHealth rejects AmSurg’s revised offer
(Reuters) — Medical staffing company TeamHealth Holdings today rejected AmSurg‘s revised buyout offer that, despite an increase in the cash component, was lower than AmSurg’s previous offer. A deal would make the combination a leading provider of medical staff such as radiologists, anesthesiologists and physicians for ambulatory surgery and primary care. Earlier today, AmSurg had raised the cash […]
EnteroMedics names ex-Lanx chief Gladney as CEO | Personnel Moves
EnteroMedics (NSDQ:ETRM) said it named Dan Gladney, the former chief executive who led Lanx to an acquisition by Biomet, to be its new CEO effective Nov. 16. St. Paul, Minn.-based EnteroMedics said chairman, president & CEO Mark Knudson will become executive chairman when Gladney takes over the corner office until Jan. 1, 2016, when he will […]
Possible Pfizer-Allergan tie-up sparks fresh tax inversion angst on Capitol Hill
(Reuters) — Pfizer (NYSE:PFE) faces political risks in Washington if it proceeds with a bid for Allergan (NYSE: AGN), but with little chance of legislation to curb such tax inversion deals, the Obama administration may be able to throw up only limited obstacles. Lawmakers are widely seen as unlikely to tackle major tax code changes before […]
Inside Valeant’s ambitious plan for its contact lens business
(Reuters) — Valeant Pharmaceuticals (NYSE:VRX, TSE:VRX) has pursued a plan in recent months to dominate the market for specialty contact lenses, according to 2 people familiar with the company’s approach and some of the company’s communications with its customers. The Canadian drugmaker’s goal, spelled out to key employees and demonstrated through its actions, has been to acquire […]