The San Diego, Calif.-based company is putting "well over $100 million" into a new 150,000-square-foot campus to house the headquarters, manufacturing and laboratory space of recent $750 million acquisition Advanced BioHealing.
"We believe we’re on the front lines in a new era," Shire regenerative medicine president Kevin Rakin told Xconomy. "We’re one of the few commercially oriented companies. A lot of other companies are doing [research] and early stage [development], and we want to be the partner of choice that figures out how to scale up manufacturing, and how to commercialize."
Rakin headed Advanced BioHealing prior to the acquisition and now heads Shire’s regenerative health business, which he hopes will hit 10 figures in 5-7 years.
"Shire made a substantial investment in acquiring us, and now they’re making another substantial investment in building us out," he told the website. "We want to be a billion-dollar part of Shire. That absolutely is the goal, to build the leading player, or one of the leading players, in regenerative medicine."
Advanced BioHealing acquired Dermagraft, a diabetic foot ulcer treatment, from Smith & Nephew (NYSE:SNN) when the British health products giant abandoned it in 2005 after the FDA rejected it as a leg ulcer therapy.
Shire is under investigation for its marketing of the Dermagraft products, the company revealed in April. Shire noted that it sold $48.8 million worth of the Dermagraft skin substitute during the 1st quarter. Since Q3 2011, Shire’s reeled in about $143.4 million from the regenerative medicine product ($50 million in Q3 2011, $55 million in Q4 and the $48.8 million logged in Q1 2012).
Hanger’s new name reflects wider focus
Hanger Orthopedics (NYSE:HGR) officially changed its name to Hanger Inc., effective immediately. The name reflects the company’s evolution from a focused orthotic and prosthetics maker to a diversified rehabilitative solutions company, according to president & CEO Vinit Asar.
The change is part of a larger re-branding initiative that’s been 2 years in the making, including new logos, designs and communications.
Medtronic’s hopes set on renal denervation
Medtronic’s (NYSE:MDT) leading renal denervation business may be the push the company’s stock needs to push past a rut characterized by its issues in cardiac rhythm management.
"I would say that of the near-term opportunities, this is probably the biggest one," Jeffries & Co. analyst Raj Denhoy said.
Medtronic is expecting $60-$70 million in renal denervation sales next year, twice as much as this year.
Mobile health apps worth $150M in 2011
Mobile healthcare apps have nearly doubled in revenue year-over-year since 2009, hitting about $150 million in 2011. Analysts predicted 25% annual growth in the years ahead.
Echo Therapeutics makes Russell Investment’s microcap index
Philadelphia-based Echo Therapeutics (NSDQ:ECTE) expects to be added to Russell Investments’ Microcap Index when the new list is announced later this month.
Russell reconstitutes its indices every year and investment managers and institutional investors use them for funds and as benchmarks for their investment strategies.
- Royal DSM closes the books on its $360M buyout of Kensey Nash
- Biomet seals the deal with DePuy’s worldwide trauma unit
GPOs: Premier awards new pulse oximetry contracts
Health care group purchasing organization Premier touted new agreements for pulse oximetry devices with Covidien (NYSE:COV), Masimo (NSDQ:MASI and Smiths Medical, all effective June 1.