Private equity shop Essex Woodland yesterday said it raised $745 million for its over-subscribed second EW Healthcare Partners fund. The raise is nearly $100 million more than EW’s $650 million goal and tops its first fund b y some $200 million, the New York City-based firm said. The PE investor said it looks for fast-growing, […]
Ex-Biomet CEO Binder is Immucor’s new chief exec | Personnel Moves
Immucor said it named Jeffrey Binder, who led Biomet until its $13.34 billion merger with Zimmer (NYSE:ZMH), to be its new chairman, president & CEO. Binder replaces William Hawkins, the former Medtronic (NYSE:MDT) chief executive who took the reins at Immucor in 2011. Hawkins will assume the role of lead director on Immucor’s board, that company said. Immucor is […]
Ex-KCI CEO Burzik dives into venture capital | Personnel Moves
MRI surgery devices maker launches IPO following name-change | Wall Street Beat
MRI Interventions (OTC:MRIC), a company developing minimally invasive neurosurgery systems, launched an initial public offering with shares at $1 apiece.
The Memphis-based company’s flagship ClearPoint technology allows patients to undergo surgery during MRI scanning, using the images to target areas of the brain for surgery.
MassDevice.com +7 | Synthes goes after Stryker, Oridion shares drop after import ban, FDA aims at reused med-tech, Accuray and Siemens amend ties, SNN spins out biologics unit, FDA releases December recalls and St. Jude expands in Plymouth
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.
SNN spins out biologics unit in JV with Essex Woodlands
British orthopedic titan Smith & Nephew (NYSE:SNN) shuffled its business deck yet again with the spinout of its biologics and clinical therapies division in a joint venture with venture capital firm Essex Woodlands.
Essex will own 51% of the new business, named Bioventus LLC, with Smith & Nephew holding the remainder.
SNN will also get $98 million in cash, which it plans to use to pay down debt, and a $160 million, 5-year note from Bioventus, according to a press release.
Ex-CoreValve CEO Lemaitre launches medical device equity fund
Dan Lemaitre, the former CEO of CoreValve Inc., will head up Essex Woodlands Health Ventures’ new medical device fund, White Pine Medical.
Last year Medtronic Inc. (NYSE:MDT) spent about $700 million, plus a possible $150 million more, buying CoreValve and its aortic valve replacement device. Lemaitre, who was a senior vice president at Medtronic before his stint at CoreValve, spent 28 years as an analyst at SG Cowen and Merrill Lynch, covering the medical device industry.
He’ll start his new fund with $50 million from Essex Woodlands, which Lemaitre said is looking to do some bargain hunting.
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