The Medical Device Business Journal — Medical Device News & Articles | MassDevice
Merit Medical Systems Inc. (NSDQ:MMSI) closed its $96 million cash acquisition of BioSphere Medical Inc. (NSDQ:BSMD).
The buyout of the Rockland, Mass.-based embolotherapeutic device developer, announced in May, was delayed by a lawsuit brought on the company’s board by the its shareholders.
BioSphere Medical Inc. (NSDQ:BSMD) and its shareholders reached an agreement over the company’s proposed merger with Merit Medical Systems Inc. (NSDQ:MMSI).
In a class action suit, the shareholders were attempting to get an injunction against the Merit’s $96 million purchase of BioSphere.
BioSphere Medical Inc. (NSDQ:BSMD) shareholders added to their attempt to block a proposed, $96 million merger with Merit Medical Systems Inc. (NSDQ:MMSI).
In a class action suit, initially brought against the company’s board, the shareholders are attempting to get an injunction against the Merit’s purchase of BioSphere.
A group of BioSphere Medical Inc. (NSDQ:BSMD) shareholders filed suit to block a proposed merger with Merit Medical Systems Inc. (NSDQ:MMSI).
The lawsuit, filed in Delaware’s Chancery Court, accuses the company and its officers of breaching their fiduciary duties with the proposed sale, according to a regulatory filing.
Merit Medical Systems Inc. (NSDQ:MMSI) agreed to acquire BioSphere Medical Inc. (NSDQ:BSMD) for about $96 million in cash.
The deal for the Rockland, Mass.-based firm, at roughly $4.38 per share, represents a 54 percent premium over BioSphere’s $2.84 closing price May 12. Shares were up 5.6 percent to $2.00 in late-afternoon trading May 13.
BioSphere Medical Inc. (NSDQ:BSMD) agreed to settle a product liability lawsuit filed by a California man who went blind in one eye after at treatment aimed at stopping his severe nosebleeds.
The Rockland, Mass.-based microsphere maker, which didn’t admit any liability in the case, said it settled the case March 24 "for the payment by BioSphere of an amount that the parties have agreed will be confidential," according to a regulatory filing.
Just two years after they came to the company, Williard Hennemann and Joel Weinstein will be departing Biosphere Medical Inc. (NSDQ:BSMD) for undisclosed reasons.
The company issued a sparsely worded release, saying only that the two would “cease to be employed by the company effective March 31, 2010.”
BioSphere Medical Inc. (NSDQ:BSMD) managed to cut its losses in half during 2009, ending the year with a 7 percent sales increase.
The Rockland, Mass.-based microsphere maker reported a net loss of $293,000 on $8.4 million in sales during the three months ended Dec. 31, 2009, compared to a $1.7 million loss on $7.2 million in sales for the same period in 2008.
For the first time since its founding 16 years ago, BioSphere Medical Inc. (NSDQ:BSMD) will have to do without the services of William Cousins Jr., who’s stepping down from its board of directors.
BioSphere said Cousins, president of the consulting firm that bears his name, will step down as of May. The Rockland, Mass.-based company hired Levin & Co. Inc. to help find his replacement and is interviewing candidates.
