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 […]
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 […]
Stryker to acquire Wright Medical for $4.7B
Stryker (NYSE:SYK) today said it is acquiring Wright Medical (NSDQ:WMGI) for $4.7 billion in cash. Through the agreement, Stryker will pay $30.75 per share and will acquire all of the issues and outstanding ordinary shares of Wright Medical for an equity value of $4.7 billion. With outstanding convertible notes, total enterprise value is set at $5.4 billion. The […]
Wright Medical stock dives on news of “knife fight” for sales reps, poor Cartiva sales
Shares in Wright Medical (NSDQ:WMGI) plunged 25% this morning on news of a “knife fight” with competitors over sales reps, and a $2 million lag in sales of its Cartiva arthritis treatment device. CEO Robert Palmisano told analysts late yesterday that smaller, privately owned competitors — which share the same independent distributor salesforce— are beating Wright […]
