TransEnterix (NYSE:TRXC) shares surged today on speculation that the robot-assisted surgery company could be acquired by Johnson & Johnson (NYSE:JNJ).
Johnson & Johnson chairman & CEO said this week that the healthcare conglomerate stayed off the mergers & acquisitions trail last year because valuations were too high. That’s not the case this year, Gorsky said.
“As we reflect back on 2015 we realize that the market was premium priced. We remained very active in a number of different areas. And while we didn’t necessarily close on a larger deal, I would not assume that we were not engaged and involved,” Gorsky said Jan. 26 during a conference call, according to Seeking Alpha.
“Look, we are and we have been and will continue to be very active in the M&A category. As we mentioned during the earlier comments, if you look at us historically, really over about any timeframe, 20 years, 10 years, what you see is about half of our growth being generated from organic innovation platforms and about 50% being generated vis-a-vis M&A,” he said.
That’s fueled speculation that TransEnterix could be in J&J’s sights, even though the company is already in bed with Google‘s (NSDQ:GOOG) Verily Life Sciences to form robotic surgical venture Verb Surgical.
TRXC shares gained 23.8% in pre-market trading, rising to a $2.60 opening before surging 29.8% to $2.70 in early trading.
J&J’s medical devices business put up sales of $6.43 billion for the 3 months ended Dec. 31, 2015, down -3.3%. Full-year sales were $25.14 billion, down -8.7%.
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