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.
A bipartisan clutch of freshman representatives asked Rep. Paul Ryan (R-Wis.), the newly minted House Speaker, to schedule a vote on repealing the medical device tax by the end of the year.
The 2.3% excise tax on U.S. medical device sales went into effect in 2013 as part of Obamacare. The “Protect Medical Innovation Act of 2015,” or H.R. 160, sponsored by Rep. Erik Paulsen (R-Minn.), would repeal the tax and refund any payments received from medtech companies. Read more
C.R. Bard said that it agreed to pay $181 million to acquire Liberator Medical, a direct-to-consumer distributor of durable medical equipment.
The deal, expected to close during the 1st quarter next year, calls for Murray Hill, N.J.-based Bard to pay $3.35 per share for Liberator. The bid is a 36% premium over Liberator’s 90-day average closing price through yesterday. LBMH shares closed up 6.4% at $2.66 apiece yesterday. Read more
A former sales rep for Stryker must face breach of contract and breach of fiduciary duty charges in a legal battle with Zimmer Biomet, a federal judge in Michigan ruled yesterday.
Stryker in 2013 sued a pair of former sales agents, Christopher Ridgeway and Richard Steitzer, accusing them of scheming to poach reps and business from Stryker in Louisiana and New York. Stryker fired Ridgeway in September 2013, after discovering that he was allegedly running a pair of medical supply businesses on the side. In June of that year, Stryker alleged, Biomet began courting Ridgeway, allegedly looking to bring his entire Stryker sales teams on board. Ridgeway also allegedly induced a 3rd Stryker employee, Sheldon Green, to jump ship for Biomet and forwarded Stryker’ Louisiana customer list to Green, according to the complaint. Read more