Covidien snaps up Reverse Medical
August 22, 2014 by Brad Perriello
Covidien isn’t letting its impending acquisition by Medtronic slow down its own merger activity, announcing today that it acquired Reverse Medical and its line of vascular devices for an unspecified amount.
The move adds Reverse Medical’s CE-Marked Barrel brain aneurysm device, UNO neurovascular embolization system and MVP micro-vascular plugs to Mansfield, Mass.-based Covidien’s neurovascular segment. Read more
Standard & Poor's maintains credit watch on Medtronic over Covidien buy
August 22, 2014 by Brad Perriello
Medtronic must watch its debt level after it acquires Covidien if it wants Standard & Poor’s Ratings Services to remove a credit watch from the medical device company’s credit rating.
Medtronic in June agreed to pay some $43 billion to acquire Covidien. Standard & Poor’s yesterday reiterated the AA- rating with “negative implications” it put out June 14, after the deal was announced, but said the acquisition will raise the financial risk for Medtronic. Read more
Allergan can't delay shareholder vote on hostile Valeant bid
August 22, 2014 by Brad Perriello
An insider trading lawsuit brought by Allergan won’t delay a shareholder meeting sought by Valeant Pharmaceuticals and William Ackman’s Pershing Square Capital Management hedge fund for a vote on their $53 billion hostile takeover bid, a federal judge ruled yesterday.
Allergan’s bylaws require 25% of its shareholders to approve a special meeting; Valeant and Pershing Square claim they’ve gathered the requisite number of votes to call the meeting. But Allergan’s lawsuit, invoking another bylaw barring a meeting if federal securities laws were broken, alleges that Valeant and Pershing shared insider information when they worked up their bid. Read more
Medtronic drops $200M on Dutch DBS firm Sapiens
August 26, 2014 by Brad Perriello
Medtronic said today that it paid $200 million in cash to acquire Sapiens Steering Brain Stimulation and its deep-brain stimulation technology, even as it gears up to pay $43 billion for Covidien.
Eindhoven, Holland-based Sapiens is developing a DBS device with a lead featuring 40 stimulation points that’s designed for more precise stimulation of targeted areas of the brain, according to a press release. Read more
Nobel Biocare's Q2 profits double as it fields buyout interest
August 21, 2014 by Brad Perriello
Nobel Biocare said today that it doubled its 2nd-quarter profits on strong sales of its dental implants in the U.S. and Asia, even as it reportedly fields interest and at least 1 offer from potential acquirers said to include Swedish private equity player EQT Partners and Danaher.
Nobel Biocare posted profits of €15.9 million ($21.1 million), or €0.13 (17¢) per share, on sales of €144.3 million ($191.7 million) for the quarter, for a bottom-line gain of 98.8% despite declining sales growth of -2.4% (adjusted for currency exchange rates, revenues rose 2.2%). Read more
