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.
MASSDEVICE ON CALL — K2M Group’s initial public offering landed right on target with $120 million in net proceeds, even though the company lowered its per-share price.
The company, which makes spinal implants, had said in its most recent estimates that the IPO would net $120 million with shares selling for $16-$18 apiece. K2M ultimately priced its shares at $15, offering more than 8.8 million units. Read more
A federal judge sanctioned a law firm representing Johnson & Johnson’s Ethicon subsidiary in some of the 18,000 cases it’s facing over pelvic mesh products in West Virginia, finding that Drinker Biddle & Reath improperly removed 1 of the lawsuits from a Pennsylvania state court.
Judge Joseph Goodwin, who’s overseeing multi-district litigation in the U.S. District Court for Southern West Virginia that covers some 55,000 cases against a raft of pelvic mesh makers, chastised the firm’s attorneys for a strategy seemingly “calculated to keep these cases out of state court for as long as possible and to waste the court’s time and the plaintiff’s resources,” according to court documents. Read more
Boston Scientific said it agreed to acquire Bayer AG’s interventional unit for $415 million, in a move to significantly bolster its own $200 million peripheral interventions business.
The deal adds atherectomy and thrombectomy devices to Boston Scientific’s portfolio; Bayer’s Minneapolis-area interventional unit, which employs about 350 workers, makes the AngioJet thrombectomy system, Fetch 2 aspiration catheter and JetStream atherectomy device, according to a press release. The division posted sales of roughly $120 million last year, Boston Scientific said. Read more