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, […]
Federal Trade Commission (FTC)
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 […]
MedTech 100 roundup: Industry peaks again after new vaccine authorization
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 […]
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 […]
