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Home » McKesson to pay $2B for PSS World Medical | Wall Street Beat

McKesson to pay $2B for PSS World Medical | Wall Street Beat

October 25, 2012 By MassDevice staff

MassDevice.com Wall Street Beat

McKesson (NYSE:MCK) agreed to pay $29 per share for PSS World Medical (NSDQ:PSSI) and its medical supplies business in a deal worth $2.1 billion.

San Francisco-based McKesson said it expects the deal to "realize annual pre-tax synergies in excess of $100 million," according to a press release.

"The combination of McKesson’s Medical Surgical business and PSS World Medical is an exciting next step in McKesson’s commitment to improve business health and clinical performance across healthcare," chairman &CEO John H. Hammergren said in prepared remarks. "The unified organization will bring extensive distribution capabilities, deep product and technology expertise and a broad portfolio of business services to an expanding industry, helping our customers improve efficiency and productivity, and deliver better care." 

McKesson said it plans to integrate PSS into its distribution solutions segment, with PSS president & CEO Gary Corless becoming COO of the combined business.

That news, plus Wall Street-beating fiscal 2nd quarter results, sent MCK shares up nearly 4.1% to $93.16 apiece as of the closing bell today.

McKesson reported its fiscal 2nd quarter results, posting profits of $401 million, or $1.67 per share, on sales of $29.85 billion for the 3 months ended Sept. 30. That’s a profit increase of 35.5%, despite a 1.2% top-line dip.

Adjusted to exclude 1-time items, earnings per share reached $1.92, well ahead of the $1.77 consensus on The Street.

 Investors buy up $8.8M worth of Biom’Up
Biom’Up, a French company that makes re-absorbable medical devices, raised $8.8 million (€6.8 million). 
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 Elekta, Philips expand radiation/MRI deal
Elekta (STO:EKTA B) and Philips (NYSE:PHG) said they plan to expand a joint program to develop an imaging-treatment platform merging radiation therapy and MRI technology
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 Vasomedical seeks OTC listing
Vasomedical (PINK:VASO) said it hired a full service broker-dealer to sponsor its bid for a listing on the OTC Bulletin Board exchange.
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 Avedro, EyeGate ink licensing deal
Avedro said it licensed EyeGate Pharma’s iontophoresis patents for corneal collagen cross-linking.
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 GPOs: Teleflex inks deals with Premier, Novation
Teleflex (NYSE:TFX) said it won a pair of new contracts for endotracheal tubes and related products from Premier healthcare alliance and a 2-year extension of its deal with Novation for TFX’s Rusch laryngoscope line.
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 Analysts’ ups and downs

  • Amgen (NSDQ:AMGN): Jefferies & Co. reiterates Buy rating, raises price target from $92 to $100; Oppenheimer reiterates Perform rating, increases price target from $85 to $89.
  • C.R. Bard (NYSE:BCR): JPMorgan Chase reaffirms neutral rating, sets $110 price target.
  • Cynosure (NSDQ:CYNO): Leerink Swann raises price target to $32 from $31, maintains “outperform” rating, raises estimates.
  • NuVasive Inc. (NSDQ:NUVA): Goldman Sachs reiterates Neutral rating, lowers price target from $17 to $16; Leerink Swann downgrades to “market perform” from “outperform” rating, lowers price target from $29 to $16, cuts estimates.

Filed Under: MassDevice Earnings Roundup, Mergers & Acquisitions, News Well Tagged With: 2012, Avedro Inc., Biom'Up, Elekta, EyeGate Pharma, McKesson Corp., Medical Supplies, Novation, Philips, Premier Inc., PSS World Medical, Q3, Teleflex

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