Globus Medical filed for an initial public offering yesterday, saying it’s planning a reverse split of its existing stock just before the IPO launches.
The Audubon, Pa.-based orthopedic device maker, which ran afoul of the FDA last month, said it hopes to trade under the "GMED" ticker on the New York Stock Exchange.
The filing didn’t detail how many shares Globus plans to issue or their price, but the company put a $100 million sticker on the SEC registration to calculate the regulator’s filing fee.
Last month the FDA fined Globus $1 million for marketing its NuBone bone graft products without proper approval from the watchdog agency. The company told MassDevice.com at the time that the fine was the result of an "unfortunate miscommunication" with the FDA.
"Significantly, the amended complaint does not allege any intentional wrongdoing by Globus Medical or Mr. Paul," the company said. "Despite its history of safe use, Globus decided to discontinue NuBone in 2010."
Vocera soars after IPO
Vocera Communications (NYSE:VCRA) shares soared after the mHealth company’s $16-per-share IPO yesterday, closing at $21.03, up 31.4%. The IPO raised about $$93 million for Vocera. Read more
Misonix, B. Braun in Ecuadoran distribution pact
Misonix (NSDQ:MSON) inked 3-year exclusive distribution deal with B. Braun Medical in Ecuador for its SonaStar ultrasound surgical aspirator and BoneScalpel ultrasound bone cutter. Read more
S&P maintains watch negative on Abbott
Standard & Poor’s kept Abbott (NYSE:ABT) on its negative watch list, pending the spinout of its research pharmaceuticals business, AbbVie, later this year. Read more
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- Allergan (NYSE:AGN): Credit Suisse increases price target from $102 to $104, maintains "outperform" rating.
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- Medtronic (NYSE:MDT): Zacks Equity Research reaffirms "neutral" rating.
- Unilife (NSDQ:UNIS): Leerink Swann maintains "outperform" rating, $5-$6 price target.
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