Hedge fund billionaire puts more skin in med-tech | Funding Roundup

June 3, 2011 By MassDevice staff

Mario Gabelli, one of the world’s wealthiest men, put another $3.4 million into Orthovita Inc. (NSDQ:VITA) and dropped $25 million on American Medical Systems Holdings Inc. (NSDQ:AMMD).

Both companies are in the middle of mergers. Orthovita received a $3.85-per-share tender offer from Stryker Corp. (NYSE:SYK) last week; AMMD announced a $2.9 billion acquisition by Endo Pharmaceuticals Holdings Inc. (NSDQ:ENDP) in April.

Gabelli is chairman & CEO of Gamco Investors Inc. (NYSE:GBL), a $14 billion global investment firm based in Rye, N.Y. He’s No. 937 on the Forbes 2010 list of the world’s billionaires.

"We like to buy companies that are ignored and unloved," Gabelli told Bloomberg Television, talking about Gamco’s investment philosophy.

The investment tycoon first unveiled a 5.42 percent stake in Orthovita just days before the announcement of Stryker’s tender offer. The new stock brings Gabelli’s total investment in the Malvern, Pa.-based orthopedic biologics maker to nearly $18.5 million, with 6.58 percent ownership, according to the filing.

Gabelli’s $24 million bought him 6.46 percent of AMMD, which reported modest gains in its first quarter 2011 earnings report.

Gamco had no stake in either company as of its first-quarter holdings report.

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