3M (NYSE:MMM) has laid off about 20 employees at recently acquired wound care giant Acelity. The news comes about two months after eight top executives left San Antonio, Texas–based Acelity, which 3M acquired for $6.7 billion in October 2019. 3M said in a statement shared with MassDevice that it continues to integrate Acelity into its operations. […]
Report: 3M may sell off its drug-delivery business for $1 billion
3M (NYSE:MMM) may try to sell off its drug-delivery business in a deal that could fetch $1 billion, according to a report by Bloomberg. The drug delivery division makes transdermal drug patches, microneedle delivery systems, nasal devices, oral inhalers and packaging films for drug delivery. 3M is also developing a smart inhaler and is looking for pharmaceutical […]
8 execs exit Acelity after 3M takeover
Eight top executives have departed wound care giant Acelity following its recent $6.7 billion purchase by 3M (NYSE:MMM), according to a report in the San Antonio Express-News. The executives include Acelity CEO Andrew Eckert, president & COO Gaurav Agarwal, CFO Tracy Jokinen, general counsel John Bibb, international president Ramesh Subrahmanian and Rohit Kashyap, president of global […]
3M closes $6.7B Acelity buyout
3M (NYSE:MMM) last week closed the $6.7 billion buyout of wound care giant Acelity from the private equity consortium that took the company private back in 2011. San Antonio, Texas-based Acelity, which had registered for an initial public offering a month before 3M floated its offer, was formed after Apax Partners and a pair of Canadian pension […]
3M funds Acelity buyout with $3.3B debt offering
3M (NYSE:MMM) is planning to finance its $6.7 billion acquisition of Acelity in part with a $3.3 billion debt offering. Maplewood, Minn.-based 3M, which announced its purchase of wound care giant Acelity in May, launched a four-part bond sale yesterday. 3M expects to finance the Acelity buyout with all of the net proceeds from the […]
3M to pay $6.7B for Acelity
3M (NYSE:MMM) said today that it agreed to pay more than $6.7 billion to acquire wound care giant Acelity, including its debts, from the private equity consortium that took KCI private for $6.3 billion back in 2011. San Antonio, Texas-based Acelity, which registered for an initial public offering last month, was formed after Apax Partners and […]
Acelity registers for another IPO
Wound care and regenerative medicine company Acelity said today that it filed a registration statement with the SEC for another attempt at an initial public offering. The registration comes on the heels of a failed attempt at an IPO, launched in August of 2015, in which the company looked to fetch up to $1 billion. […]
Miach Orthopaedics fills quality, clinical roles | Personnel Moves, April 17, 2019
Miach Orthopaedics said today that it tapped a pair of executives to oversee the quality systems and clinical program for the knee ligament repair device it’s developing. Miach is working on bio-engineered implants for surgical connective tissue repair, aiming first at anterior cruciate ligament repair with its Bridge-Enhanced ACL Repair device, a sponge that’s designed […]
Acelity’s KCI launches Abthera NPWT system in Japan
Acelity subsidiary KCI said today that it launched its Abthera open abdomen negative pressure therapy system in Japan. The San Antonio-based company’s Abthera is a temporary abdominal closure system intended to allow surgeons to manage challenging abdominal wall openings where primary closure is not possible and to manage repeat abdominal entries. KCI said that the system has […]
Acelity to lay off 265 in Texas, N.C.
Acelity is reducing its workforce by approximately 265 employees, according to a recent report from the San Antonio Business Journal. The layoffs include roughly 200 individuals from its Alamo City, Texas-based facilities, with the remaining coming from its Charlotte, N.C.-based location, according to the report. “Unfortunately, this will result in position eliminations for some of our […]
Acelity’s KCI inks NPWT remote monitoring deal with insurer Highmark
Acelity subsidiary KCI said this week that it inked a negative pressure wound therapy remote monitoring deal, using its iOn Progress remote therapy monitoring program, with health insurer Highmark, touting it as the first such agreement of its kind. The San Antonio-based company’s KCI iOn monitoring program is intended for use with the ACTIV.A.C therapy system, and […]
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