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. KKR, TPG, Goldman close near $1b sales of Zimmer Biomet
Kohlberg Kravis Roberts & Co., TPG Global and Goldman Sachs said last week they closed the sale of nearly $1 billion worth of Zimmer Biomet shares.
The groups sold a total of 7.4 million shares at $129 a piece, bringing in approximately $960 million. The shares sold made up approximately 3.7% of the company’s total shares, according to an SEC filing. Read more
4. Jury signals deadlock in ex-banker’s insider trading trial
The jury deliberating over insider trading charges, leveled at an investment banker based on a quintet of medical device and life science acquisitions, reportedly told a federal judge last week that it’s deadlocked on at least 1 of the charges and that a unanimous verdict “may not likely happen.”
Prosecutors accused Sean Stewart, an investment banker for JP Morgan and Perella Weinberg Partners, of passing information on the deals to his father Robert Stewart and a 3rd man. Robert Stewart, who pleaded guilty last year, was sentenced in May to a year of home confinement, 3 years of probation, 750 hours of community service and the forfeiture of $150,000 gained from the illicit trading. The 3rd man, Chatsworth Securities investment banker Richard Cunniffe (whom prosecutors said kept most of the $1.16 million in illicit profits) secretly pleaded guilty in March 2015 and agreed to cooperate with authorities. Read more
3. Zimmer Biomet acquires CD Diagnostics
Zimmer Biomet said today that it paid an unspecified amount to acquire CD Diagnostics and its line of immunoassay and biomarker products.
Four years ago, the duo inked a pact that led to the development and marketing of the Synovasure periprosthetic joint infection test, Warsaw, Ind.-based Zimmer Biomet said. Read more
2. FDA approves Intuity Elite rapid valve from Edwards Lifesciences
The FDA approved the Intuity Elite rapid deployment replacement aortic valve made by Edwards Lifesciences.
Irvine, Calif.-based Edwards said the Intuity Elite valve is designed to create more time during the treatment of complex heart failure cases for procedures to treat other facets of the disease. It’s on the U.S. market now, the company said. Read more
1. Mazor X unveiling triggers another $20m from Medtronic
Mazor Robotics said today that the unveiling last month of its Mazor X robot-assisted spine surgery platform triggered the 2nd step in a 3-stage equity deal with Medtronic.
Medtronic paid $20 million for a 3.4% stake in Mazor at $21.84 apiece, the trailing 20-day average for MZOR shares, the Caesarea, Israel-based company said. It’s part of a 2-stage deal struck with the world’s largest pure-play medtech maker back in May. Read more
