December 15, 2014 by Brad Perriello
Merger & acquisition activity surged this year in the medical device industry, with both the number and value of deals climbing to new heights after years of decline, according to a MassDevice.com analysis.
The number of deals during 2014 rose 39.0% to 57, from 41 in 2013, according to our look at transactions with announced values. But the real news is the surge in valuations: The total value of those 57 deals soared 504.1% to $86.39 billion, compared with just $14.3 billion last year. Read more
December 11, 2014 by Brad Perriello
Synergetics said yesterday that it acquired a U.K.-based cannulae and needles maker, Sterimedix, for $13.5 million and announced lower-than-expected earnings for its fiscal 1st quarter.
The O’Fallon, Mo.-based medical device company also said it agreed to earn-outs for Sterimedix through 2017, pegged to gross profits attributable to the Sterimedix business. Read more
December 16, 2014 by Brad Perriello
A former outside lawyer who repped Guidant Corp. during the bidding war between Boston Scientific and Johnson & Johnson reportedly told a judge yesterday that Guidant was within its rights to provide due diligence to Abbott in connection with the Boston Scientific bid.
Johnson & Johnson is suing Boston Scientific for $7.2 billion, alleging that Guidant breached their 21.5 billion acquisition contract in providing the information to Abbott. But Guidant’s ex-outside counsel, Charles Mulaney of Skadden Arps Slate Meagher & Flom, told Judge Richard Sullivan that Abbott was considered a “representative” of Boston Scientific under a confidentiality agreement, according to Law360. Read more