We bring you up to date on the biggest financial deals, mergers, appointments and acquisitions in the Med tech Industry.
Pursuit Vascular acquired by ICU Medical
ICU Medical has announced its acquisition of Pursuit Vascular for $75m. The deal will also include an additional earnout payment possibly due in 2021.
Pursuit Vascular's portfolio of devices includes its ClearGuard® HD cap which kills infection-causing bacteria and fungi inside of a hemodialysis catheter.
"ICU Medical has always been deeply focused on improving patient safety and creating the best workflow for clinicians. The ClearGuard HD is a natural extension of our needlefree IV connector and other infection control technologies, which together will provide best of breed solutions," said Vivek Jain, CEO of ICU Medical. "We have been studying the category for a long time, and have been tracking the progress at Pursuit Vascular for more than two years. We believe the time is right for this acquisition because the product has shown clinical efficacy with untapped market potential, and the company has scaled up production capacity and know-how."
Roy Martin, Executive Chairman of Pursuit Vascular added "Pursuit Vascular is excited to be a part of ICU Medical. Our ClearGuard HD is a leading-edge infection prevention device for dialysis procedures and a great fit with the existing product portfolio of ICU Medical."
Stryker acquires Mobius Imaging & Cardan Robotics
Stryker has announced its acquisition of Mobius Imaging and its subsidiary Cardan Robotics for $500 million. Details of the deal includes a down payment of $370 million in cash with a further$130 million to follow dependent upon development and commercialisation stipulations.
“This acquisition brings expertise in advanced imaging and robotics as well as a robust product pipeline that add to Stryker’s portfolio and will allow the Spine division to provide more complete procedural solutions, including sales, service, and support,” said Spencer Stiles, Stryker’s Group President, Orthopaedics and Spine. “We look forward to working together to advance Stryker’s mission to make healthcare better and accelerate our pursuit of category leadership in Neurotechnology, Orthopaedics, and Spine.”
The deal is expected to close in Q4 of this year.
Medtronic to buy Catheter Developer AV Electronics
It's been reported that Medtronic plans to buy AV Electronics for $30 million. The Israeli-based company develops catheters for use in dialysis patients undergoing routine angioplasty procedures.
Although AV Medical founder Michael Tal didn't comment on the financial terms of the deal, he did state "the acquisition will help our products reach more patients worldwide and improve both the quality of the patients' life during treatment and the physician's work."
Venus Concept Completes Merger with Restoration Robotics
Venus Concept Inc. has announced the completion of its merger with Restoration Robotics. Restoration Robotics has since changed its name to Venus Concept Inc. and the combined company, which is now trading on the global market under the Ticker "VERO" has raised $28 million in Private Placement.
“We are pleased to announce the closing of our merger with Restoration Robotics,” said Domenic Serafino, Chief Executive Officer of Venus Concept. “We have made significant progress in enhancing our financial condition with our recent financing activities. The outlook for Venus Concept is very positive and we believe the combined company is well positioned as a leading player in both the global minimally invasive/non-invasive medical aesthetics market and the minimally invasive surgical hair restoration market.”
"Movers and Shakers"
- Etiometry has announced Shane Cooke, has been appointed as its new President and CEO. Before joining Etiometry, Cooke spent more than five years as CSO of Cheetah Medical.
- Richard Oberreiter has been appointed as the new CEO at Modulim. He succeeds Modulim’s founder, CEO and CTO, David Cuccia, who will now dedicate his efforts in taking the company’s breakthrough platform technology into new areas and applications.
- Smith+Nephew has announced that Namal Nawana has stepped down from the Board and as CEO. Roland Diggelmann has been appointed as the Company’s new CEO and will take on his new responsibilities from 1 November 2019.
- Orthofix Medical announced the appointment of Jon Serbousek as President and CEO. Serbousek succeeds former President and CEO Brad Mason who had previously announced his plans to retire.