After weeks of flirting with the heights hit before COVID-19 ravaged the markets, medtech stocks finally topped the pre-pandemic high last week. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — spiked up to 93.11 points on Sep. 2, nearly a full point ahead of the pre-pandemic high of […]
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 […]
MedTech 100 roundup: Industry reaches new heights again
The past month has seen a resurgence from medtech companies in the markets and last week saw the best performance yet. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — sat at 90.78 points at the end of last week (Aug. 28). Overall, medtech stocks saw a 1.3% increase […]
Stryker extends its bid for Wright Medical — again
Stryker (NYSE:SYK) announced today that it extended the offering period of its cash tender offer for all shares of Wright Medical (NSDQ:WMGI). Kalamazoo, Mich.-based Stryker’s indirect, wholly-owned subsidiary, Stryker B.V., officially extended the offering period until an expiration date of 5 p.m. ET on Aug. 31, 2020 back in June. Today’s extension sets the expiration of the […]
Mayo Clinic performs first shoulder arthroplasty with Wright Medical mixed reality tech
Wright Medical (NSDQ:WMGI) today announced the first shoulder arthroplasty procedure performed using its Blueprint mixed reality technology. Dr. Joaquin Sanchez-Sotelo performed the procedure at Mayo Clinic’s Rochester, Minn. campus, with the Blueprint software providing a 3-D holographic view of the pre-operative plan. “This procedure is an important milestone for shoulder arthroplasty and marks a major step […]
MedTech 100 roundup: Stocks tick back up to open July
After a solid start to July, the medtech industry continues to experience a stock market roller coaster amid the COVID-19 pandemic. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — sat at 84.25 points at the end of last week (July 3). That total represents a 2.9% increase from […]
UK officials question market impact of Stryker-Wright Medical merger
The United Kingdom Competition & Markets Authority (CMA) issued a statement of concern over the impact of the purchase of Wright Medical (NSDQ:WMGI) by Stryker (NYSE:SYK). CMA believes that, should the $4.7 billion acquisition go through, it would have a “negative impact on vulnerable patients in the U.K. who need ankle replacements,” according to a news release. […]
Stryker extends tender offer for all Wright Medical shares
Stryker (NYSE:SYK) announced today that it extended the offering period of its cash tender offer for all outstanding shares of Wright Medical (NSDQ:WMGI). The company announced its acquisition of Wright Medical in November 2019. Since then, the FTC increased its scrutiny of the proposed merger in January, a Wright Medical shareholder filed a proposed class-action lawsuit to block the acquisition later that […]
Stryker announces $2.3b offering to finance Wright Medical purchase
Stryker (NYSE:SYK) announced that it entered into an underwriting agreement in connection with a $2.3 billion offering set to finance its purchase of Wright Medical (NSDQ:WMGI). The underwriting agreement is with BofA Securities, Citigroup Global Markets and Wells Fargo Securities. The offering, which Stryker expects to be completed on June 4, will result in the company issuing […]
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 […]
Shareholder sues to block Stryker’s $4B purchase of Wright Medical
A Wright Medical (NSDQ:WMGI) shareholder has filed a proposed class action lawsuit to block the company’s $4.08 billion acquisition by Stryker (NYSE:SYK). Shareholder John Thompson filed the lawsuit this week in federal court in Delaware against Wright Medical, its board of directors and Stryker, claiming that the solicitation statement that asks shareholders to approve the […]
