The U.S. Federal Trade Commission (FTC) has sued to block the planned acquisition of medical device company Surmodics by GTCR. According to a news release, GTCR also owns a majority stake in Biocoat. The FTC says Biocoat is the second-largest provider of outsourced hydrophilic medical device coatings, behind only Surmodics. As a result, the FTC believes the deal […]
Federal Trade Commission (FTC)
Boston Scientific, Silk Road Medical delay merger to give FTC more time
Boston Scientific recently withdrew its premerger notification and report form to give the U.S. Federal Trade Commission more time to review the proposed acquisition of Silk Road Medical . The Marlborough, Massachusetts–based company voluntarily withdrew and plans to refile its premerger notification report (HSR) form with the FTC, according to an SEC filing. Silk Road […]
FTC reportedly may scrutinize Boston Scientific’s Axonics deal
Bloomberg reports that the U.S. Federal Trade Commission (FTC) may look into the $3.7 billion acquisition of Axonics (Nasdaq:AXNX) by Boston Scientific . A new Axonics regulatory filing with the SEC discloses that the companies refiled their Hart Scott Rodino (HSR) Act notification to the FTC on March 4 — a move that companies sometimes […]
NuVasive reports mixed Q2 results ahead of expected merger with Globus Medical
NuVasive officials still plan to close the spine tech company’s merger with Globus Medical in the present quarter, despite the FTC scrutiny. Along with reporting mixed second-quarter results, NuVasive CEO Chris Barry yesterday evening stuck by plans to merge with Globus Medical in the third quarter and create what would be the second-largest spine tech […]
FTC critiques Medtronic’s legal reasoning in antitrust case
The U.S. Federal Trade Commission wants to have a say in Applied Medical Resources’ antitrust lawsuit against Medtronic. Rancho Santa Margarita, California–based Applied Medical filed the lawsuit in February in U.S. District Court in Central California. The lawsuit accuses the medtech giant of using its size to shut down competition in the U.S. market for […]
Illumina to appeal FTC decision on Grail acquisition, aims for resolution by 2024
Illumina (Nasdaq:ILMN) announced today that it plans to appeal the Federal Trade Commission’s (FTC) decision over its acquisition of Grail. The FTC today announced that it finds the $7.1 billion acquisition “likely to substantially reduce competition” in the U.S. It would affect the research, development and commercialization of cancer tests, FTC said. In its decision, […]
European Commission blocks Illumina’s Grail acquisition, company to appeal
Illumina (Nasdaq:ILMN) announced today that the European Commission issued a decision prohibiting its planned acquisition of Grail. San Diego-based Illumina said it is reviewing the order and intends to appeal the decision. The new hurdle in Europe follows a recent ruling in the U.S. that favored the acquisition. An administrative law judge in the U.S. […]
Medtronic must sell Intersect ENT subsidiary to satisfy FTC concerns
The Federal Trade Commission has issued a proposed order to require Medtronic (NYSE:MDT) to sell a subsidiary of Intersect ENT within 10 days of completing its $1.1 billion acquisition of Intersect ENT. The commission announced May 10 that it voted 4-0 to issue its complaint and accept the proposed consent order for public comment. Under […]
FTC drops Illumina-Grail court case, clearing the way for EU investigation
A U.S. judge has ruled in favor of an FTC petition to drop its case against the proposed merger between Illumina (NSDQ:ILMN) and Grail. The Financial Times reported that the ruling — with dropped the case without prejudice — allows the EU to investigate the merger while the deal remains blocked. In April the European Commission’s […]
Illumina postpones $8B Grail deal amid FTC challenge
Illumina (NSDQ:ILMN) has delayed its proposed $8 billion acquisition of Grail amid a FTC challenge. The companies have agreed to postpone the planned purchase until after Sept. 20 while the FTC challenges the deal, according to a temporary restraining order issued out of U.S. District Court in the District of Columbia. News of Illumina’s agreement […]
Illumina vows to pursue Grail purchase despite FTC challenge
Illumina (NSDQ:ILMN) announced today that it disagrees with and will oppose the FTC’s challenge to its acquisition of Grail. San Diego-based Illumina announced in September that it entered into an agreement to acquire the cancer detection startup that spun out from the company four years ago for cash and stock consideration of $8 billion. Founded […]
