MassDevice

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

Home » Stryker puts up $52m for TSO3

Stryker puts up $52m for TSO3

By

Stryker acquires TSO3Stryker (NYSE:SYK) today agreed to pay $52 million to acquire TSO3 (TSX:TOS) and its Sterizone VP4 sterilizer.

The C43¢-per-share offer works out to about C$68.4 million ($51.7 million), representing an 18% premium on the 30-day volume-weighted average share price, Quebec City-based TSO3 said.

“TSO3‘s board of directors and management believe that this transaction provides the best liquidity opportunity for shareholders. Reaching this conclusion is an important step for TSO3 as well as current and future customers, as it will provide the expertise and the financial resources to best help TSO3 achieve its full potential. We look forward towards its successful completion,” president & CEO Ric Rumble said in prepared remarks.

Although the deal bars TSO3 from seeking other offers, it can field any unsolicited offers that top Stryker’s bid, provided that the Kalamazoo, Mich.-based orthopedics giant is given the right to match or exceed the second offer, TSO3 said. The agreement, slated to close during the fourth quarter, also includes a nearly C$3.1 million ($2.3 million) kill fee payable to Stryker should the deal founder.

In a separate release, TSO3 posted 12.5% wider second-quarter losses of -$4.2 million, or -4.5¢ per share, on sales growth of 100.5% to $748,000 for the three months ended June 30, compared with Q2 2018.

TOS shares were up 10.4% to C42.5¢ today in mid-morning activity in Toronto.

($1 = C$1.32284)

In case you missed it

RSS From Medical Design & Outsourcing

  • Forecasting the future of urology with Boston Scientific’s Meghan Scanlon
    Meghan Scanlon, Boston Scientific’s president of urology and pelvic health, discusses the field and the challenges and opportunities ahead. The urology specialty faces a critical moment, with 10 urologists ready to retire for every new urologist entering the field, said Meghan Scanlon, SVP and president of urology and pelvic health at Boston Scientific (NYSE:BSX) That… […]
  • Women researchers receive a fraction of funding from the world’s biggest medtech companies
    The gender divide in medtech extends beyond leadership and into funding for investigational studies by U.S. physicians. Only 6.7% of physicians who received research payments from the world’s largest medical device companies in 2020 were women, according to an analysis of Medical Design & Outsourcing’s Big 100 list of medtech companies and CMS Open Payments… […]
  • Pentax Medical expands Vizient contract to include pediatric endoscopes
    Pentax Medical today announced it has expanded its contract with Vizient to include pediatric endoscopes. The contract will give Pentax Medical the ability to offer endoscopes to Vizient member hospitals through the Vizient Pediatric Program. The agreement also includes other value-added offerings, education opportunities and best practices. Get the full story on our sister site,… […]
  • Hologic plans to buy Bolder Surgical for $160M
    Hologic Inc. (NSDQ:HOLX) has a $160 million deal to acquire Bolder Surgical, a developer and manufacturer of advanced energy vessel sealing surgical devices. It’s the latest deal by Hologic, which has been spending COVID-19 test revenue generated by its diagnostics business on acquisitions across the company’s business lines, as CFO Karleen Oberton and CEO Steve MacMillan… […]
  • Koya Medical reports positive early results in Dayspring lymphedema trial
    Koya Medical this week announced positive results from a small, ongoing trial comparing its Dayspring compression treatment for lymphedema to a traditional pneumatic compression pump. The Oakland, California-based company secured FDA 510(k) clearance for the device last month, saying it was the first such approval for an active compression treatment enabling movement and mobility with… […]
  • OneProjects raises $17M to advance 4D cardiac imaging
    Irish-German cardiac imaging startup OneProjects today announced $8 million in Series A2 funding and two grants totaling $9 million. The company will use the new funds to complete product development, conduct clinical trials, gain FDA clearance and prepare for U.S. commercialization of the first product developed from its proprietary 4D cardiac imaging platform, Verafeye. The… […]
  • Women in Medtech 2021: Lindsay Fleming, Avient Corp. Commercial Manager, Healthcare — Color & Additives
    Lindsay Fleming is the Healthcare Commercial Manager for the Color & Additives division at Avient Corporation, a premier provider of specialty polymer formulations, color and additive systems, packaging solutions, and polymer distribution. She has been with the company for over 7 years and oversees the commercial growth development of the healthcare segment. She focuses on… […]
  • Women in Medtech 2021: Sarah Ehrlich, Argon Medical Devices Sustaining Mechanical Engineer
    Sarah Ehrlich, sustaining mechanical engineer at Argon Medical Devices, holds a B.S in mechanical engineering from the University of Texas at Tyler. “My parents knew I would become an engineer before I did,” she said. “Growing up, I was the big sister who put back together whatever my younger siblings decided to tear apart. I… […]
  • Four questions with AdvaMed’s Jen Brearey
    Jen Brearey is AdvaMed’s chief financial officer and chief operating officer, as well as executive director for the association’s inclusion diversity programs, which includes the industry initiative AdvaMed Advance and AdvaMed’s Women’s Executive Network. Ahead of our annual Women in Medtech edition of Medical Design & Outsourcing, we asked Brearey to share her expertise on gender… […]
  • Life Spine wins FDA clearance for ProLift micro expandable spacer
    Life Spine announced that it received FDA clearance to market its ProLift micro expandable spacer system for supporting micro-invasive procedures. Huntley, Illinois-based Life Spine designed its ProLift micro to support procedures ranging from endoscopic TLIFs to MIS TLIFs/PLIFs. The platform includes an 8mm width, self-locking expansion at any height (between 8mm and 16mm) to suit… […]
  • Achieve More with Medical Device Training and Certifications
    Any medical professional that deals with complex devices on a regular basis can benefit greatly from a wide range of medical device courses offered by The Center for Professional Innovation and Education (CfPIE). Each course offered is designed to advance your career under the instruction of trained, experienced, and actively practicing professionals in the field.… […]