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.

 

3. PDI rejects Digirad buyout offer, buys RedPath instead

PDI has bought RedPath Integrated Pathology just days after rejecting a tentative buyout offer from Digirad Corp.

PDI said today that it acquired molecular diagnostics group RedPath in a complex stock-and-cash deal that includes an upfront payment of $12 million; a 4-year, $11 million subordinated note to RedPath shareholders; and a $20 million, 6-year term-loan from SWK Holdings. Read more

2. Integra LifeSciences to spin out spine biz

Integra LifeSciences said today that it plans to spin out its spine business as a stand-alone public company under the SeaSpine brand so it can focus on its surgical solutions, orthopedics and tissue technology businesses.

Integra acquired Vista, Calif.-based SeaSpine for $89 million in 2011, doubling its distribution footprint and customer base in the U.S. spine market. SeaSpine co-founder and former CEO Kirt Stephenson is in line to be named chairman of the company’s latest iteration and a search for a CEO is under way, according to a press release. Read more

1. Stryker inks $1B+ deal to settle hip implant cases

Stryker today inked a deal to settle thousands of product liability lawsuits over a pair of recalled metal-on-metal hip implants for more than $1 billion.

The deal was announced today by Judge Donovan Frank of the U.S. District Court for Minnesota, where Frank is overseeing some 1,800 lawsuits filed over Stryker’s Rejuvenate and ABGII devices. A state judge in New Jersey, Judge Brian Martinotti of the New Jersey Superior Court for Bergen County, is overseeing another 2,100 similar lawsuits. Read more