But unlike Asahi Kasei, the diversified chemical manufacturer that dropped $2.2 billion on Zoll Medical Corp. in April, Nihon Kohden is a pure-play medical device company.
"Defibtech will not only continue expanding its AED product lineup, but also plans to develop and market other resuscitation solutions," CEO Dr. Glenn Laub said in prepared remarks. "Over the past decade, having deployed more than 160,000 AEDs worldwide, we are a steadily growing force in the resuscitation market. We want to continue that growth."
Defibtech will operate independently as a wholly owned subsidiary of Delaware-based Resuscitation Solution Inc., a U.S. Nihon Kohden subsidiary, added president Gintaras Vaisnys.
In 2010, the FDA warned the AED industry to clean up its act, citing the 28,000 reports of AED failures the federal watchdog agency received between 2005 and 2010. Guilford, Conn.-based Defibtech hasn’t been immune to problems; in 2010 the company recalled 5,418 battery packs for its Lifeline and Revive AEDs, only to pull 65,885 of those devices from shelves the following year.
Asahi Kasei closed its deal for Zoll last spring.
EarlySense raises $15M Series E round
EarlySense followed a 510(k) nod from the FDA last month with a $15 million Series E round led by Pitango Venture Capital. The patient monitoring device maker reeled in $7 million in its Series D round in October 2010.
Intrinsic Therapeutics raises $12M for spinal implants
Intrinsic Therapeutics raised $11.7 million in an equity round for its Barricaid anular prosthesis.
Cynosure readies for $80M offering
Cynosure (NSDQ:CYNO) said it’s initiated an offering of 3.2 million shares of its own stock. At $24.85 apiece (CYNO’s trading price as of about 3:15 p.m. today), the offering would be worth more than $79.5 million.
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- Intuitive Surgical (NSDQ:ISRG): Mizuho maintains “buy” rating, raises price target to $625 from $565.
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- Rockwell Medical (NSDQ:RMTI): Stifel Nicolaus reduces price target from $15 to $13, reiterates "buy" rating.
- St. Jude Medical (NYSE:STJ): Citigroup maintains “sell” rating, lowers price target to $32 from $39.