Catherine Burzik, president, CEO and director at Kinetic Concepts Inc. (NYSE:KCI), will stay on until next summer once Apax Partners and it pension fund partners take KCI private, planned to close tomorrow.
“Ms. Burzik plans to transition her responsibilities to new leadership during 2012 before moving on to future opportunities,” according to a press release. “The terms of the program with other members of senior management include significant co-investment as well as long-term incentives.”
KCI agreed in July to a $68.50-per-share leveraged buyout worth $6.3 billion by Apax and two Canadian pension funds, after an 11th-hour offer from rival ConvaTec collapsed.
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KCI’s shareholders approved the deal earlier this week.
“I look forward to delivering strong business performance to wrap up 2011, and leading KCI into 2012 – a year in which we will build on the great success that our company has enjoyed,” Burzik said in prepared remarks.
“Our executive management team is pleased to have this excellent opportunity to co-invest and participate meaningfully in KCI’s bright future,” added CFO Martin Landon. “Our history of innovation and strong cash flows combined with the business acumen and shared vision of the financial sponsors will help us to build on leadership positions across our business units and around the world.”
In related news, Standard & Poor’s announced that it will replace KCI with Signature Bank (NSDQ:SBNY) on the S&P MidCap 400 index, and OPNET Technologies Inc. (NSDQ:OPNT) will replace Signature Bank in the S&P SmallCap 600 index after the close of trading tomorrow.
Insulet dives ahead of Q3 earnings release
Shares of Insulet Corp. (NSDQ:PODD) have lost 13.3 percent since their close Oct. 28, including a 7.3 percent drop today, ahead of the insulin management company’s third-quarter earnings release slated for later today.
PODD shares closed at $16.48 on Friday, Oct. 28, and were trading at $14.28 as of about 1:20 p.m. today.
Analysts are expecting adjusted losses per share of 22 cents for the quarter.
Insulet’s flagship device, the OmniPod, is a wearable insulin pump that connects wirelessly with a control device. The company will face stiffer competition next year, when Medtronic releases its version of a tubeless insulin pump.
Analysts’ ups and downs
- Wunderlich stands pat on Abiomed
Wunderlich reiterated its “buy” rating on shares of Abiomed (NSDQ:ABMD), with a price target of $24. ABMD shares were up more than 20 percent as of about 2:15 today after the company reported record sales and its first profitable quarter earlier today.
- TheStreet.com upgrades Kensey Nash
TheStreet.com upgraded its rating for Kensey Nash Corp. (NSDQ:KNSY) from “hold” to “buy.”
- Morgan Keenan lowers price target for Haemonetics
Analysts at Morgan Keegan lowered their price target for Haemonetics (NYSE:) from $65 to $63 but maintained a “market perform” rating