Say hello to MassDevice +5, a bite-sized view of the top five medtech stories of the day. This feature of MassDevice.com’s coverage highlights our 5 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.
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5. Leaf Healthcare partners with Smith & Nephew to launch patient monitor
Patient monitoring system developer Leaf Healthcare said today it is launching its Leaf patient monitor through a joint deal with Smith & Nephew.
Leaf’s patient monitor system is composed of a wearable wireless sensor designed to track patient movement and notify caregivers to prevent immobility-related health complications, such as pressure ulcers or injuries. The company said it is “highly complimentary” to Smith & Nephews Allevyn Life and Secura skin care products. Read more
4. German billionaire Hopp readies sale of skin patch maker LTS
German billionaire Dietmar Hopp is reportedly preparing to sell medical skin patch maker LTS Lohmann as he looks to shake-up his investment porfolio.
LTS has 1,300 employees and brings in more than 300 million euros ($319 million) in annual sales from nicotine and medical patches that treat conditions such as Parkinson’s and restless legs syndrome. Sources close to the matter told Reuters that Hopps’ investment firm, Dievini, has begun to approach potential buyers and gauge their interest in LTS. Read more
3. Defendants move for acquittal in Abbott-Advanced Medical Optics insider trading case
The defendants in an insider trading case yesterday asked a federal judge in California to acquit them of all charges, arguing that the government failed to show any evidence that they traded on inside dope about Abbott‘s $2.8 billion acquisition of Advanced Medical Optics in 2009.
Federal prosecutors in 2014 accused ex-Advanced Medical Optics chief James Mazzo of tipping close friend and neighbor Doug DeCinces about the deal. DeCinces, a former professional baseball player for the Baltimore Orioles, allegedly passed the information on to former teammate Eddie Murray. (Murray later agreed to settle his case for $358,000 but admitted no wrongdoing.) DeCinces agreed in 2011 to pony up $2.5 million (but admitted no guilt) to settle similar charges leveled by the SEC. Read more
2. FDA nominee Gottlieb grilled over industry ties
It wasn’t all that long ago that Dr. Robert Califf, the Obama administration’s nominee to head the FDA, was grilled for his close ties to the pharmaceutical industry. Yesterday, it was the turn of the Trump administration’s nominee, Dr. Scott Gottlieb, to face criticism for his links to private industry.
Gottlieb, 44, is a former FDA deputy commissioner who has advocated a loosening of requirements needed for approval of new medical products. He is also a resident fellow at the conservative American Enterprise Institute think tank, a partner at venture capital firm New Enterprise Assoc., and sits on the boards of multiple healthcare companies. Read more
1. Cardinal Health closes in on $6B deal for Medtronic’s medical supplies biz
Cardinal Health close to acquiring the medical supplies business deal to pay $6 billion for the medical supplies business Medtronic acquired when it paid $50 billion for Covidien in January 2015.
Citing “people familiar with the matter,” Reuters reported that exclusive talks between the companies could result in an announcement later this month. Medtronic and Cardinal Health declined to comment to the wire service. The division makes general medical equipment including monitoring equipment, medical instrumentation, needles and other basic supplies. Read more
