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Thermo Fisher joins the re-fi boom

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The MassDevice Weekly Roundup brings you the latest medical device news and information.

The MassDevice Checkup

MassDevice Weekly Checkup chart for November 17 2009

Our weekly checkup takes the temperature of the public medical device companies in the three largest markets in the U.S.: Massachusetts, Minnesota and California. In addition to the indices for each state, which track the overall movement of the sector, we compare Monday morning’s opening share prices with their value when the markets close Friday afternoon and calculate the biggest gainers and losers. Read More more arrow

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News

Thermo Fisher joins the re-fi boom more arrow

Phase Forward founder headlines Humedica’s scientific advisory board more arrow

Exact Sciences CEO rules out a run for Wisconsin governorship more arrow

Bruker taps co-presidents for its BioSpin division more arrow

MassDevice Earning Roundup Q3 MassDevice’s earnings roundup
A roundup of medical device makers’ sales and earnings reports. This week’s list includes: AdvanSource Biomaterials, Cambridge Heart, Hologic, Oridion, PLC Systems, Pressure BioSciences, Psychemedics and Zoll. Read More more arrow

Hamburg looks to clean house at CDRH more arrow

CineMedDirk Laukien gives up his day job at Bruker more arrow

Zoll releases iPhone CPR training app more arrow

Athenahealth wins patent for HIT software more arrow

Echo Therapeutics drums up $3 million more arrow

FDA to probe biphasic defibrillators more arrow

Zimmer Holdings retools $600 million in debt more arrow

Report: Medical device service provider market to near $27 billion in five years more arrow

DePuy Ortho to shutter British plant, lay off 280 workers more arrow

Quest Diagnostics is on the prowl for another acquisition more arrow

Some medical device makers acquiesce to healthcare reform tax more arrow

Cambridge Heart, Cardiac Science reveal OEM deal more arrow

Covidien launches first U.S. product from its Confluent Surgical acquisition more arrow

Positive studies pile up for GI Dynamics more arrow

Federal judge deals blow to Conceptus infringement suit against Hologic more arrow

Study shows increased risk of fracture in drug-eluting stents more arrow

Fidelity Investments buys a big stake in Abiomed more arrow

Stryker spends $103 million on a pair of acquisitions more arrow

FDA issues Class I recall of Edwards Lifesciences aortic catheter more arrow

Inverness Medical spikes distribution pact with Thermo Fisher more arrow

HeartWare releases clinical trial data more arrow

Medtronic launches heart leads study more arrow

BioTrove inks acquisition deal and announces spinout more arrow

Helicos takes itself off the market more arrow

St. Jude drops out of AdvaMed in device tax dispute more arrow

Facet Solutions enrolls 100 in lumbar spinal stenosis trial more arrow

Harvest Technologies completes clinical trial enrollment more arrow

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Jobs

Featured Jobs:

Territory Manager (Southern Calif.) Haemonetics Corp. is looking for someone to deliver total value proposition and function as a Blood Management Adviser to customer. Effectively sell full line of Patient Division product portfolio focused on growing existing business as well as prospecting new business. Read More more arrow

Supply Chain Manager (Marlborough, Mass.) Biomedical Search Consultants is looking for a Supply Chain Manager to oversee multiple supply chain activities to include production planning, purchasing, inventory control, receiving, warehouse stock control, warehousing and distribution at a manufacturing services provider. Read More more arrow

Product Manager (Chelmsford, Mass.) Biomedical Search Consultants is looking for a product manager for its client, a manufacturer of medical devices for imaging in the surgical arena. Read More more arrow

Manufacturing positions (Hudson, N.H.) OPERON Resource Management is currently recruiting bright, hard-working and experienced employees to fill a wide range of important positions at major manufacturing and logistics companies located throughout New England. Read More more arrow

Assemblers, Packers & Inspectors (Clinton, Mass) OPERON Resource Management is filling positions for a clean room staffing team to make high-quality products for Life Science, High-Technology and Defense companies in a sophisticated manufacturing environment. Read More more arrow

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Features

MassDevice Q&A: American Well CEO Roy Schoenberg
The web-enabled, on-demand healthcare service firm’s chief on why 2009 will be a watershed year and the similarities between fundraising and warfare. Read More more arrow

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Blogs

MassDevice blog: Are EMRs “magical thinking” or the real thing?
A Kaiser Permanente executive warns of over-hyping the impact electronic medical records will have on the healthcare system. Read More more arrow

Dollars & Spence: Innovation in orthopedics
The state of innovation within the orthopedics industry, according to independent testing labs. Read More more arrow

MedGadget’s MedTech Monday: Google Flu
Google’s new tool to find flu vaccine; STAR Analytical Services’ cough detector; an LED-powered endoscope; and Medtronic’s Melody transcatheter cardiac valve replacement in children. Read More more arrow

Dollars & Spence: Soteira emerges from stealth mode
The Natick, Mass.-based vertebroplasty firm reveals its technology at the 24th annual meeting of the North American Spine Society in San Francisco. Read More more arrow

Weekly Wireless Roundup: Ten wireless health clinical trials
MobiHealthNews rounds up 10 mobile phone-equipped clinical trials; AllOne Mobile sends 5,000 texts to wounded service members; making the case for Bluetooth in healthcare; and November spawns wireless health momentum. Read More more arrow

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Upcoming Events

Featured Events

Nov. 18, Newton, Mass. — MDG networking event: Preclinical Device Qualification: Keeping FDA Happy

Reforming FDA’s regulation of the management, focus, and support of clinical trials, and of the use of electronic clinical trials tools, so as to better enable general healthcare reform and massive U.S. and global innovation, both of which are essential to ending the U.S. and global recessions.

Other events

Nov. 17, Chelmsford, Mass. — ASQ NE Biomedical Discussion Group Roundtable: Medical Device Directive / CE Mark Practical Applications and Issues

Want to list your event on our weekly newsletter? Contact us at [email protected].

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Private: Thermo Fisher joins the re-fi boom

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Thermo Fisher Scientific Inc. is selling new senior notes and has begun a tender offer for two older series of notes as part of efforts to refinance nearly $600 million of the company’s pre-merger debt.

The Waltham, Mass.-based manufacturer of laboratory instruments and research software said Friday the new notes are being sold in a private placement to institutional buyers. Coinciding with the offering, the company announced it planned to redeem $300 million in 10-year notes coming due in 2014 as well as launching a tender offer to buy back senior convertible notes coming due in 2023 that it absorbed during the 2006 merger between Thermo Electron Corp. and Fisher Scientific International Inc.

Fisher issued $300 million in 20-year senior convertible notes in July 2003 with all but $4.6 million of the debt still outstanding. The annual yield on the notes is 2.5 percent, costing Thermo Fisher about $7.5 million a year although it is the convertible features of the notes that is far more problematic to the company.

Contingent on certain events, the notes have a conversion price at the holder’s option of $23.75 a share, or nearly half Thermo Fisher’s current stock price. As part of the merger agreement, Thermo Fisher was able to modify the conversion terms somewhat to its benefit but still remains potentially on the hook of having to pay noteholders the difference between the conversion and market prices in addition to repaying the original debt.

The tender offer is set to through Dec. 17 and will pay noteholders according to a formula based on an average of Thermo Fisher’s recent share price and the number of shares they would be entitled if they converted the notes into stock (currently 42.1372 shares per $1,000 in principal). Thermo Fisher also is offering to pay note-holders a $56.50 in cash for each $1,000 in notes they hold provided the formula results do not exceed certain limits.

Reuters, citing a companion news service, late Friday reported that Thermo Fisher successfully sold $350 million in new three-year notes and $400 million in five-year notes yielding 3.45 percent.

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