Kensey Nash shareholders sue to block Royal DSM merger
Kensey Nash (NSDQ:KNSY) shareholders filed a lawsuit against the regenerative medicine company following the announcement that its board of directors had unanimously agreed to a $360 million buyout by Royal DSM.
The lawsuit is designed to fleece shareholders while ensuring that DSM gets the best bang for its buck, according to the lawsuit, led by investor Hilary Coyne, who asked a judge to block the merger.
DSM offered $38.50 per share for Kensey Nash, a 33% premium over KNSY’s $29.01 closing share price the day before the deal was announced. Read more
RyMed and ICU Medical declare victory against each other
Both RyMed and ICU Medical (NSDQ:ICUI) claimed victory in a years-long patent infringement spat, with ICU promising to pursue its earlier win in response to RyMed’s recent gains.
Late last week RyMed announced that a federal jury unanimously ruled in its favor that its InVision-Plus with Neutral advantage intravenous catheter care management devices did not infringe on ICU Medical patents. The unanimous ruling meant that ICU Medical could "no longer make any claim that RyMed’s products literally infringe on an in-force ICU Medical patent," according to a press release.
"This is a major victory for RyMed," chairman, president & CEO Dana Ryan said in prepared remarks. "The jury’s decision proves that our claims about this case have been correct. It reinforces our ability to continue providing all of RyMed’s innovative technology to the market. In addition to providing a significant boost to our future business prospects, it also affirms our ongoing efforts to bring clinicians and patients the very best in IV catheter safety technology."
ICU issued its own press release just days later admitting defeat on a "narrow question," but insisting that the company would defend an earlier win. In December ICU won a jury decision that RyMed devices infringed on 2 patents, a ruling that the company plans to "vigorously" pursue.
"The new verdict does not impact any portion of the earlier verdict that RyMed’s original and current devices infringe ICU’s patents," ICU VP of product development Alison Burcar said in prepared remarks. "In the next phase of this case, we will establish the monetary damages caused by RyMed’s infringing activities, and then vigorously seek to collect those damages."
ICU Medical has not yet stated whether it will repeal the new jury decision in RyMed’s favor. Read more
Lap-Band patients freed from arbitration
California Judge Kenneth Freeman rejected a bid by Lap-Band weight-loss device implantation procedure providers to force a class action lawsuit into arbitration. The lawsuit claims Top Surgeons Inc., 1-800-Get-Thin and others of failing to adequately warn patients about the risks of the procedure. Read more
Hearing aid maker confirms bankruptcy
Florida-based hearing aid provider HearUSA, now known as HUSA Liquidating Corp., confirmed Chapter 11 bankruptcy filings originally filed in May 2011.
The company announced that a bankruptcy court approved its exit strategy, allowing the company to transfer all remaining assets to a liquidating trust and cancel remaining equity interests, effective June 7. Read more
