Recent news in the industry continues to drive its stocks forward, with COVID-19 vaccine developments driving further medtech growth last week. The FDA granted Moderna emergency use authorization for its vaccine candidate on Friday and its rollout to the U.S. is beginning today. Moderna’s vaccine joins the one made by Pfizer (NYSE:PFE) and BioNTech (NSDQ:BNTX), which […]
Federal Trade Commission (FTC)
FTC clears Stryker-Wright Medical deal
The U.S. Federal Trade Commission said today that it would require Stryker (NYSE:SYK) and Wright Medical (NSDQ:WMGI) to divest certain assets in their merger. According to a report from MarketScreener, the FTC approved a final order settling charges that Stryker’s proposed acquisition of Wright Medical would violate antitrust law. The companies confirmed the $4.7 billion merger last […]
BREAKING: Stryker clears U.S. regulatory hurdle to buy Wright Medical
The Federal Trade Commission announced today that it plans to allow Stryker (NYSE:SYK) to proceed with its planned $4.7 billion acquisition of Wright Medical (NSDQ:WMGI), provided that Stryker divest certain assets to Colfax (NYSE:CFX)/DJO Global. Stryker had proposed selling assets to DJO Global about two months ago as a way to allay FTC concerns that the deal would […]
FTC to refund Neurometrix consumers $3.9M in false ad case
The Federal Trade Commission announced that it is refunding NeuroMetrix (NSDQ:NURO) consumers nearly $3.9 million after false advertising. NeuroMetrix marketed its Quell transcutaneous electrical nerve stimulation device as a clinically proven and FDA-cleared treatment for widespread chronic pain relief when placed below the knee, according to the FTC, which said that the company lacks scientific evidence […]
Stryker may sell certain assets to enable Wright Medical purchase
Stryker (NYSE:SYK) has proposed a plan to divest certain assets to Colfax (NYSE:CFX)/DJO Global in an effort to complete its acquisition of Wright Medical (NSDQ:WMGI). Kalamazoo, Mich.-based Stryker’s proposed divestitures of its STAR total ankle replacement product, plus related assets, and its finger joint replacement products, is in connection with the Federal Trade Commission’s review of the ongoing effort […]
Federal Trade Commission sues online retailer over its PPE shipment speed claims
The Federal Trade Commission has sued online retailer SuperGoodDeals.com — claiming that it falsely promised consumers next-day shipping of facemasks and other personal protective equipment amid the COVID-19 pandemic. SuperGoodDeals’ website starting in March said PPE was “in stock,” and touted “Pay Today, Ships Tomorrow” — but it often took weeks for PPE merchandise to […]
U.K. probing Stryker-Wright Medical merger
The U.K. Competition and Markets Authority has begun an investigation into the proposed $4.7 billion merger of Stryker (NYSE:SYK) and Wright Medical (NSDQ:WMGI). Announced in November 2019, the merger would have Stryker pay $30.75 per share to acquire all of the issues and outstanding ordinary shares of Wright Medical. With outstanding convertible notes, total enterprise value is […]
AbbVie gains U.S. nod for $63B Allergan takeover
Pharmaceutical giant AbbVie (NYSE:ABBV) has won U.S. antitrust approval for its purchase of Allergan (NYSE:AGN) for $63 billion in cash and stock. The purchase is seen as a hedge against the impending expiration of U.S. patents on AbbVie’s blockbuster drug, Humira. North Chicago-based AbbVie announced the deal in June 2019, but ran up against U.S. […]
NeuroMetrix settles $4m false advertising case with FTC
Pain-treating TENS device company NeuroMetrix (NSDQ:NURO) has agreed to pay at least $4 million to settle a false advertising case brought by the Federal Trade Commission FTC. The commission said today that the Woburn, Mass.-based company also agreed to stop making deceptive claims that its Quell device treats pain throughout the body when placed below the […]
FDA, FTC want to encourage competition in biologics market
The FDA and U.S. Federal Trade Commission (FTC) announced today that they signed a joint statement to encourage collaboration in support of a robust marketplace for biological products, including the critical adoption of biosimilars and interchangeable products. The two agencies said the statement sets out to address false or misleading promotion about biosimilars within the […]
FTC upping scrutiny of proposed Stryker, Wright Medical merger
An SEC filing today showed that the Federal Trade Commission is upping its scrutiny of the proposed merger between Stryker (NYSE:SYK) and Wright Medical (NSDQ:WMGI) that is worth up to $4.7 billion in cash. After Stryker filed a premerger notification and report form with the FTC on Dec. 16, 2019, the FTC sent a second request to […]
