Unilife (NSDQ:UNIS) said today that interest from acquirers prompted it to tap Morgan Stanley & Co. as an advisor on potential “strategic alternatives” – financial code for seeking a buyer. “In keeping with the board’s commitment to act in the best interests of all shareholders, we have determined at this time that it is prudent to […]
Wall Street Beat
Getinge unveils major overhaul
Getinge (STO:GETI-B) said today that it’s planning a major overhaul that will see its 3 divisions merged into 1 by the beginning of next year, as it targets organic sales growth of 2% to 4% over the next few years. The Swedish medical device giant said it expects the moves to generate annual EBITA gains […]
HeartWare inks $929m deal for Valtech Cardio’s mitral and tricuspid valves
HeartWare International (NSDQ:HTWR) said yesterday that it agreed to put roughly $929 million on the table for Israeli replacement heart valve maker Valtech Cardio. Terms of the deal call for an up-front payment of 4.4 million shares of HeartWare stock, which would be worth about $360 million at yesterday’s closing price of $81.81. The buyout also […]
Report: Senate to take up medical device tax repeal this year
The U.S. Senate will reportedly take up a bill to repeal the medical device tax before the end of the year, following a U.S. House vote earlier this year to do away with the 2.3% excise tax enacted as part of Obamacare. The Senate’s repeal bid, sponsored by Sen. Orrin Hatch (R-Utah), is S. 149 or […]
NuVasive looks to boost manufacturing footprint
NuVasive Inc. (NSDQ:NUVA) said today that it’s planning a significant boost to its manufacturing footprint, scouting locations around the world for a planned, 130,000-square-foot plant. San Diego-based NuVasive said the plant is expected to employ about 300 workers. A decision on where to site the plant is slated to be made by the end of the year; […]
St. Jude floats $2.6b for Thoratec buy
St. Jude Medical (NYSE:STJ) is taking out a 5-year, $2.6 billion loan from Bank of America to fund its $3.4 billion purchase of Thoratec (NSDQ:THOR), according to an SEC filing. According to the loan terms, $2.1 billion of the funds will go entirely towards the cost of acquiring Thoratec, with $500 million slated to be used to […]
‘Go-shop’ lapses without new rival for St. Jude’s $3B Thoratec buy
A 30-day “go-shop” period in St. Jude Medical‘s (NYSE:STJ) pending, $3.4 billion acquisition of Thoratec (NSDQ:THOR) lapsed last week without a 2nd suitor emerging, sending the companies’ stock prices down slightly last Friday. The merger, medtech’s latest multi-billion union, calls for St. Jude to pay $63.50 in cash for each share of Pleasanton, Calif.-based Thoratec, funded using term loans […]
GI Dynamics slashes workforce by 46%
GI Dynamics (ASX:GID) yesterday said it will slash its workforce by 46% by the end of the year, cutting about 25 jobs, after a too-high rate of liver infections forced the halt of a U.S. clinical trial for its EndoBarrier weight loss device. The Lexington, Mass.-based firm said it was making the cuts to cover the cost of […]
Adherium’s $35m Aussie IPO includes $3m from AstraZeneca
Adherium Limited said last week it closed an oversubscribed Australian initial public offering, raising $25.8 million (AU$35 million) with $2.2 million (AU$3 million) coming from pharmaceutical giant AstraZeneca. Adherium is a digital health company that is developing technology targeting suboptimal medication use and remote patient management for chronic disease sufferers, the New Zealand-based company said. […]
Ex-KCI chief Burzik bows out of Palmaz Scientific
Cathy Burzik, the former CEO of Kinetic Concepts Inc., is no longer slated to take the helm at Palmaz Scientific, the company co-founded by coronary stent pioneer Dr. Julio Palmaz in 2008, Palmaz told MassDevice.com today. “We essentially decided not to do the deal because we just didn’t agree,” Palmaz told us in a brief telephone […]
Report: Edwards, Align Technology hackers may dodge insider trading beef
Hackers in a ring that stole confidential information from Edwards Lifesciences (NYSE:EW), Align Technology (NSDQ:ALGN) and others could reportedly dodge insider trading charges because they hacked PR websites rather than the companies they traded in. Although it appears to be a classic insider trading case – the 2 Ukrainian defendants allegedly used confidential information to reap $30 million in trading profits – because the hackers are charged […]