Shareholder files class action lawsuit to block Covidien-Medtronic merger
July 11, 2014 by Brad Perriello
A Covidien shareholder yesterday filed a purported class action lawsuit seeking to block the medical device company’s pending $43 billion merger with Medtronic.
Richard Taxman accuses Covidien, its board of directors and chairman, president & CEO José Almeida of breaching their fiduciary duties in agreeing to the acquisition, which values COV shares at $93.22 apiece. Read more
St. Jude drops $200M on NeuroTherm for spinal pain device
July 14, 2014 by Arezu Sarvestani
Minnesota-based medtech giant St. Jude Medical is broaching new ground in the spinal pain market with the $200 million acquisition of NeuroTherm, maker of radiofrequency ablation therapies.
The acquisition bolsters St. Jude’s chronic pain portfolio with a device that comes into play earlier in the ‘chronic pain continuum,’ the company said. The deal would also make St. Jude the only company to offer both radiofrequency ablation and spinal cord stimulation devices. Read more
Allergan renews fight against hostile Valeant takeover
July 14, 2014 by Brad Perriello
Allergan went on the offensive again today in its battle against a hostile takeover bid by Valeant Pharmaceuticals and its hedge fund partner, Pershing Square Capital Management, demanding more transparency from Valeant about its business and prospects for growth – even as Valeant today filed a pre-merger notification with the U.S. Federal Trade Commission.
Allergan said it wants answers to questions raised by it and “important members of the investment community” about “Valeant’s anemic organic growth driven by unsustainable price increases, among other fundamental business model issues.” Read more
Abbott to deal pharma line to Mylan for $5.3B
July 14, 2014 by Brad Perriello
Mylan said today that it agreed to pay $5.3 billion to Abbott for its non-U.S. developed markets specialty and branded generics business in an all-stock deal.
Once consummated, the deal would see Abbott receive 105 million shares of the combined company, for a roughly 21% stake in the new entity. Read more
