Say hello to MassDevice +3, a bite-sized view of the top three medtech stories of the day. This feature of MassDevice.com’s coverage highlights our 3 biggest and most influential stories from the day’s news to make sure you’re up to date on the headlines that continue to shape the medical device industry.
Endo International settled another batch of product liability lawsuits brought against subsidiary American Medical Systems Holdings over its pelvic mesh implants.
Last October the company agreed to put some 20,000 of the lawsuits to rest, saying it would increase the amount of money it had set aside to cover the claims from $1.2 billion to approximately $1.6 billion. In April 2014, Endo announced it reached agreements to settle up to approximately 21,700 additional mesh claims with separate plaintiffs’ law firms. In June 2013, it settled an undisclosed number of cases for $54.5 million. Read more
Medtronic said that it agreed to pay $235 million to acquire RF Surgical Systems and its device for keeping track of items used during surgery.
The RF Surgical system is designed to help prevent “never events” such as leaving a surgical sponge in a patient after surgery, using low radiofrequency signals to track the RF tags embedded in surgical gauze, sponges and towels, Medtronic said. Read more
Edwards Lifesciences said it agreed to pay $400 million for CardiAQ Valve Technologies and its transcatheter mitral valve implant, saying it also reached a deal to revise the protocol for restarting a trial of its own Fortis mitral valve.
The deal for CardiAQ Valve, which like Edwards is based in Irvine, Calif., calls for an up-front payment of $350 million in cash and another $50 million pegged to “achievement of a European regulatory milestone,” Edwards said. The deal is expected to be “slightly dilutive” to 2015 earnings, the company said. Read more