The private equity owners of a trio of wound care and regenerative medicine companies said today that they’re merging Kinetic Concepts Inc., Systagenix and LifeCell into a single entity called Acelity.
The 2011 marriage between Kinetic Concepts Inc., Apax Partners and a pair of Canadian pension funds wasn’t your typical merger.
European engineering conglomerate Smiths Medical confirmed late last week that it had received an offer for its medical division, refusing to divulge any other details of the "early stage" discussions.
Groups purporting to have inside information about the talks have reported that Smiths Group has taken steps to align Smiths Medical as a stand-alone entity and that it may sell for more than $2.62 billion (£2 billion).
Kinetic Concepts Inc. (NYSE:KCI) CEO Catherine Burzik, who shepherded the wound care giant through a $6.1 billion leveraged buyout by an Apax Partners-led consortium, plans to step down about 6 months ahead of schedule.
Mela Sciences (NSDQ:MELA) priced a public offering of 5 million shares of common stock at $3.25 per share, hoping to raise up to $14.9 million.
President & CEO Joseph Gulfo and director Robert Coradini agreed to purchase 43,000 shares at the Dec. 15 closing price of $3.97 per share.
Novadaq Technologies Inc. (TSX:NDQ) signed multi-year sales and marketing agreements with Kinetic Concepts Inc. for the commercialization of its Spy imaging system.
KCI will pay Novadaq $3 million up front for the Toronto-based company’s fluorescence imaging system, which allows surgeons to assess tissue perfusion in real time. Novadaq will also receive additional milestone payments.
The agreements range from six to seven years and cover commercialization in North America, Europe and Japan.
Standard & Poor’s relegated Kinetic Concepts Inc.’s bonds into junk status after a consortium led by Apax Partners took the wound care giant private last week.
The rating agency knocked its stance on KCI bonds down four rungs from "BB+" to "B," according to MarketWatch.
Say hello to MassDevice +7, a bite-sized view of the top seven med-tech stories of the week. This latest feature of MassDevice.com’s coverage highlights our seven biggest and most influential stories from the week’s news to make sure you’re up to date on the headlines that continue to shape the medical device industry.
If you read nothing else this weekend, make sure you’re still in the know with MassDevice +7.
Get ’em while they’re hot: Apax Partners and a pair of Canadian pension funds closed their $6.1 billion leveraged buyout of Kinetic Concepts Inc. (NYSE:KCI) today.
That means KCI shares will cease trading publicly before the markets open next Monday, Nov. 7.
Catherine Burzik, president, CEO and director at Kinetic Concepts Inc. (NYSE:KCI), will stay on until next summer once Apax Partners and it pension fund partners take KCI private, planned to close tomorrow.
“Ms. Burzik plans to transition her responsibilities to new leadership during 2012 before moving on to future opportunities,” according to a press release. “The terms of the program with other members of senior management include significant co-investment as well as long-term incentives.”