Say hello to MassDevice +3, a bite-sized view of the top three med-tech 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.
Sorin Group said it agreed to put $20 million down on Oscor’s cardiac lead manufacturing business as it gears up to develop MRI-safe leads.
The Italian medical device company said the deal includes a manufacturing plant in the Dominican Republic, all of the Oscor-branded and OEM leads Tampa, Fla.-based Oscor already makes for Sorin’s bradycardia leads and the design files and “development resources” for the MRI-safe lead project. Read more
BlackRock Inc. boosted its stake in several medical device companies, including a triple-digit increase for its investment in Biolase, but cut its holdings in other medtech firms such as ArthroCare, regulatory filings show.
BlackRock’s stake in Biolase, which makes dental lasers and equipment, rose by 167% as of Dec. 31, 2013, according to the filings. BlackRock, which has some $4.3 trillion in assets under management, owned a 7.2% piece of Biolase at the end of last year. Read more
Spinal surgery devices maker K2M Group Holdings hopes to raise as much as $100 million through its impending initial public offering, according to registration documents filed with the SEC.
The Vermont-based company has yet to reveal per-share pricing and other details of the IPO, but has said that it hopes to use the funds to wipe out some debts and pay out some dividends. The company said that it owes about $22.3 million in outstanding debt on its shareholder notes, $23.5 million on an outstanding credit facility and $15.7 million in unpaid dividends on Series A and B preferred stock. Read more