We bring you up to date on the biggest financial deals, mergers, appointments and acquisitions in the Med tech Industry.
3M Finalizes its Acquisition of Acelity
3M has announced it has agreed its acquisition of wound care and surgical specialist company Acelity.
3M will acquire Acelity's Prevena negative pressure wound therapy devices, as well as its ActiV.A.C. device and V.A.C. GranuFoam antibacterial dressings.
"Acelity is a recognized leading provider of advanced wound care technologies and solutions and an excellent complement to our Health Care business," 3M CEO Mike Roman said. "This acquisition bolsters our Medical Solutions business and supports our growth strategy to offer comprehensive advanced and surgical wound care solutions to improve outcomes and enhance the patient and provider experience."
The acquisition is expected to close before the end of 2019, approximately about six months after announcing the $6.7 billion deal, which also included debt assumption.
AngioDynamics Acquires Eximo Medical
AngioDynamics has announced it has bought Eximo Medical and its FDA cleared, 355nm wavelength laser technology for the treatment of Peripheral Artery Disease (PAD)
“The acquisition of Eximo brings a remarkable, foundational technology to our portfolio that will change the way caregivers deliver treatment to patients with PAD,” AngioDynamics' President and CEO Jim Clemmer said “The market is ripe for disruption, and the level of precision, safety, and efficiency offered to physicians by this laser technology creates a substantially differentiated alternative to legacy atherectomy devices.”
A sum of $46 million upfront cash-on-hand plus an additional $20 million pending certain technical and revenue milestones has been agreed for the purchase.
Vertex to Buy Biotechnology Company Semma Therapeutics
Vertex Pharmaceuticals has announced its plans to purchase biotechnology company Semma Therapeutics for $950 million cash in its search for a cure for Type 1 diabetes.
Semma is pioneering the use of human islets made from stem cells as a potential cure for type 1 diabetes and has shown advancements in two areas; first the ability to produce large quantities of functional human pancreatic beta cells capable of restoring insulin secretion and ameliorate hypoglycemia in animal models and a device that protects these cells from the immune system.
“This acquisition aligns perfectly with our strategy of investing in scientific innovation to create transformative medicines for people with serious diseases in specialty markets,” said Vertex CEO, Jeffrey Leiden “We are excited to work with the talented scientists at Semma to build on their significant progress toward providing effective and potentially curative cell therapy options for people living with type 1 diabetes. We see a substantial opportunity to transform the treatment paradigm for type 1 diabetes, a specialty disease cared for by endocrinologists, both by advancing the development and manufacturing of the cells themselves, as well as through the highly innovative cell/device combination.”
"Movers & Shakers"
- Corinth MedTech,the developer of the Veloxion™ System, announced Steven Duddy as its new President and CEO.
- LabCorp announced John Ratliff will take over its diagnostics business at the start of November, coinciding with LabCorp CEO David King's retirement.
- Becton Dickinson COO Thomas Polen, 46, will take over as CEO on Jan. 28, 2020, per a unanimous vote by the company's board of directors announced in a leadership succession plan.
- Qiagen announced CEO Peer Schatz is stepping down and Thierry Bernard, the head of the company's molecular diagnostics business, will serve as a CEO in the interim.