MassDevice

The Medical Device Business Journal — Medical Device News & Articles | MassDevice

  • MassDevice Today
    • Cardiovascular
    • Clinical Trials
    • Legal News
    • Orthopedics
    • Regulatory/Compliance
  • Wall Street Beat
    • Funding Roundup
    • Mergers & Acquisitions
  • More MedTech
    • Cosmetic/Aesthetic
    • Diabetes
    • Dialysis
    • Distribution
    • Imaging
    • Otolaryngology Ear, Nose & Throat
    • Pharma
    • Respiratory
    • Wound Care
  • Blog
  • DeviceTalks Podcasts
  • Resources
    • About MassDevice
    • Newsletter Signup
    • Job Board
    • Leadership in Medtech
    • Manufacturer Search
    • Videos
    • White Papers
  • DeviceTalks
Home » PE firm Altus Capital to acquire MGC Diagnostics for $50m

PE firm Altus Capital to acquire MGC Diagnostics for $50m

November 28, 2017 By Fink Densford Leave a Comment

Share

MGC Diagnostics

Private equity firm Altus Capital Partners has inked a deal to acquire MGC Diagnostics Corp in a $50.3 million deal.

In the deal, Altus will pay $11.03 per share for each share of MGCD, equalling out to approximately $50.3 million, representing a 44% premium on its January 24 closing price of $7.65.

“We look forward to becoming part of the Altus organization. Our strategies for product innovation and growth are nicely aligned and together we believe we can accelerate the delivery of new product offerings to our customers.  Altus’s financial strength provides incremental funding for our product development pipeline initiatives,” MGCD CEO Todd Austin said in a press release.

Under terms of the merger agreement, Altus will begin its tender offer for shares after November 27, with an expected close date in either late 2017 or early 2018, making MGCD a privately held company.

MGCD’s board approved the acquisition agreement unanimously after reviewing strategic alternatives on January 25, and directors and officers of the company representing 8.9% of the outstanding shares have entered into tender support agreements with Altus.

“After a review of strategic alternatives by our board of directors, we are pleased to reach this agreement with Altus, which provides our shareholders with immediate liquidity and substantial certainty of value. We believe this transaction presents a winning proposition for all our stakeholders.  Altus is a strategic-minded and growth-oriented investor in the manufacturing space with a proven track record of partnering with company management,” MGCD chair Mark Sheffert said in a prepared statement.

Filed Under: Business/Financial News, Mergers & Acquisitions Tagged With: MGC Diagnostics

In case you missed it

  • Propeller Health study suggests 84% of asthma inhaler use performed incorrectly
  • LivaNova wins Japanese reimbursement for Perceval aortic valve
  • Acelity’s KCI launches Abthera NPWT system in Japan
  • ARS Pharmaceuticals wins fast track status for epinephrine nasal spray
  • Mauna Kea, Cook Medical terminate Cellvizio dev, distro deal
  • Axonics Modulation touts results of sacral neuromodulation study
  • CorMatrix launches FDA IDE Cor Tricuspid ECM cardiac valve trial
  • Philips wins FDA nod for DigitalDiagnost C90 digital radiography system
  • Teleflex shares dip on Q4, 2018 earnings release, restructuring announcement
  • Report: Medtronic to close Portsmouth, N.H. transformative solutions facility
  • Late mortality rates ‘inadvertently reversed’ in 5-year study of paclitaxel-eluting stent
  • NuVasive shares rise on Q4, 2018 EPS beat
  • LivaNova touts CMS trial clearance for vagus nerve depression treatment system
  • Phillips-Medisize is offering connected health data services: Here’s how
  • Abbott, Novo Nordisk ink deal for digital diabetes tools
  • Ocular Therapeutix doses first wet-AMD patient in implant trial
  • Neovasc inks $3m settlement deal with MID, raises $1m

RSS From Medical Design & Outsourcing

  • How to design home healthcare devices that people will use
    Meeting consumer demands for home healthcare technology requires a keen knowledge of user behavior. Here are four ways companies are approaching the market. by Scott Thielman, Product Creation Studio The global smart home healthcare market is exploding as more medical devices are designed for use wherever the patient is, including at home. A report by Research… […]
  • Axonics Modulation touts results of sacral neuromodulation study
    Axonics Modulation Technologies (NSDQ:AXNX) announced positive top-line results from a pivotal study of its novel implantable sacral neuromodulation (SNM) devices for the treatment of urinary and bowel dysfunction. The clinical study demonstrated that patients implanted with the Axonics r-SNM system experienced clinically meaningful and statistically significant improvements in urinary urgency incontinence (UUI) symptoms and quality of… […]
  • Okay Industries appoints new marketing manager
    Okay Industries (New Britain, Conn.) announced that it has appointed Angela Dillon as its new marketing manager. As marketing manager, Dillon willed strategic initiative that will promote the Okay brand, support business development and manage both internal and external communications for talent recruitment and retention. “I am excited to announce this new role for Angela,”… […]
  • SIG Medical wins FDA clearance for rib fracture device
    SIG Medical (Hershey, Penn.) has received FDA 510(k) clearance for its enhanced AdvantageRib System, the K183317. The system is the third rib fracture system from SIG Medical that has received 510(k) clearance recently and is being commercialized. The most recent 510(k) includes new implants that treat patients, as well as the entire spectrum of bone… […]
  • Starr Surgical signs strategic cooperation agreement with Smile Eyes
    Starr Surgical (Monrovia, Calif.) recently announced that it has signed a strategic cooperation agreement with the Smile Eyes group in Germany and Austria. The Smile Eyes group is an alliance of more than 80 eye experts in 13 vision correction eye centers in Germany and Austria. Through the agreement, EVO Visian ICL lenses will be… […]
  • Phillips-Medisize is offering connected health data services: Here’s how
    One of the world’s largest medical device contract manufacturers, Phillips-Medisize is making a business play to provide the technological back end for connected drug delivery devices. Phillips-Medisize used to be all about the housings, assembly and packaging that went into finished drug-delivery devices. Electronics was something that other contract manufacturers did. Within a few years,… […]
  • Summit Medical expands manufacturing facility
    Summit Medical recently announced that it has expanded its St. Paul, Minn. manufacturing facility with an additional 15,000 sq. ft. The addition opened on Feb. 11. The expansion will become a secondary facility for the company’s headquarters that is located less than a mile away. It will also serve as a master distribution center. “The… […]
  • AdvaMed president & CEO Scott Whitaker to participate in keynote interview at DeviceTalks Boston 2019
    WTWH Media and MassDevice.com announced today that Scott Whitaker, president and CEO of AdvaMed, will be a featured keynote speaker at DeviceTalks Boston 2019. DeviceTalks Boston, which takes place on June 5-6, 2019 at the Seaport World Trade Center, brings together engineering, product development and commercialization professionals to share the challenges and best practices of getting medical devices… […]
  • Apollo Endosurgery touts results of stomach-stapling study
      Apollo Endosurgery (NSDQ:APEN) has reported key data from 1,000 patients who underwent endoscopic gastroplasty using the company’s OverStitch device. Published in the journal Gastrointestinal Endoscopy, the data include a mean total weight loss of 14.8%±8.5% at 18 months. Three months following surgery, the impact on obesity-related comorbidities included the complete remission of: 13 of 17 cases… […]
  • Royal Philips introduces new C-arm imaging tech
    Royal Philips (NYSE:PHG) said it has launched a new mobile C-arm imaging platform, Zenition. Mobile C-arms are X-ray systems that are brought into the operating room (OR) to provide live image guidance during a wide range of surgeries including orthopedic, trauma and vascular procedures. The Zenition mobile C-arm platform brings together innovations in image capture, image… […]
  • When human factor specialists become the patient
    By Allison Strochlic, Emergo Group I just had a baby – my second daughter. This means that, like over 98% of my fellow American moms-to-be, I checked into a local hospital to have nurses and doctors oversee what I hoped would be the smooth delivery of my baby. This entitled me to the firsthand experience… […]

Leave a Reply Cancel reply

You must be logged in to post a comment.

Need Medtech news in a minute?
We Deliver!

MassDevice Enewsletters get you caught up on all the mission critical news you need in med tech. Sign up today.

Tweets by @MassDevice

MASSDEVICE MEDICAL NETWORK

DeviceTalks
Drug Delivery Business News
Medical Design & Outsourcing

MASSDEVICE

Subscribe to MassDevice
Advertise with us
About
Contact us
Privacy
Add us on FacebookMassDevice Network
Follow us on Twitter@MassDevice
Connect with us on LinkedInLinkedIn
Follow us on YouTube YouTube

Copyright © 2019 · WTWH Media LLC and its licensors. All rights reserved.
The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of WTWH Media.

Advertise | Privacy Policy | RSS