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.
3. Astute Medical raises $20m, inks China distribution deal
Astute Medical said it raised $20 million from Shanghai Fosun Pharmaceutical and inked a distribution deal with the Chinese company for its NephroCheck kidney-injury test.
The multi-year deal calls for Shanghai Fosun’s Long March Medicine Science subsidiary to distribute NephroCheck on the Astute140 meter in China. NephroCheck is marketed in the U.S. by Ortho-Clinical Diagnostics. Read more
2. Johnson & Johnson CFO Caruso: $10B share buyback doesn’t affect M&A appetite
The $10 billion share repurchasing program revealed yesterday by Johnson & Johnson won’t affect the healthcare giant’s appetite for mergers & acquisitions, especially when it comes to bolstering the cardiovascular portfolio of its struggling medical device division, CFO Dominic Caruso said this week.
For J&J, which announced the buyback Oct. 13 along with its 3rd-quarter numbers, M&A is the #2 priority behind dividends, Caruso told analysts during a conference call. Read more
1. Layoffs: Medical device makers cut nearly 1200 jobs in California
Medical device companies have enacted layoffs for nearly 1,200 workers in California since the beginning of July, according to the Golden State’s Employment Development Dept., including some of the biggest names in medtech. Read more