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.
Wright Medical said that the FDA approved the Augment bone-growth putty it acquired when it closed a $380 million buyout of BioMimetic Therapeutics in 2013.
Pre-market approval from the FDA means Wright can begin marketing Augment in the U.S. as an alternative to autograft for ankle and hindfoot fusion procedures, the Memphis-based company said. Read more
HeartWare International said that it agreed to put roughly $929 million on the table for Israeli replacement heart valve maker Valtech Cardio.
Terms of the deal call for an up-front payment of 4.4 million shares of HeartWare stock, which would be worth about $360 million at yesterday’s closing price of $81.81. The buyout also includes milestones of 800,000 shares when Valtech’s Cardioband annuloplasty device wins CE Mark approval in the European Union, worth $65.4 million at yesterday’s price, and another 700,000 shares (worth $57.3 million) on the earlier of 1st-in-human implants for either the Cardioband tricuspid or CardioValve device. Read more
Medtronic CEO Omar Ishrak has literally put his money where his mouth is, since saying in early June that the company would look for small-scale investments – more than a billion times, in fact.
Fridley, Minn.-based Medtronic’s announced spend on M&A since June 5, when Ishrak said the company would turn its attention to early-stage firms, is more than $1 billion. Read more