Say hello to MassDevice +5, a bite-sized view of the top five medtech stories of the day. This feature of MassDevice.com’s coverage highlights our 5 biggest and most influential stories from the day’s news to make sure you’re up to date on the headlines that continue to shape the medical device industry.
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5. Report: CVRx CEO Yared tapped for AdvaMed chairman
Nadim Yared, the CEO of CVRx, is reportedly slated to replace Becton Dickinson chief executive Vincent Forlenza as chairman of AdvaMed, the medical device industry’s national lobby in Washington. It’s the 1st time the Advanced Medical Technology Assn. will have a small company’s leader at the head of the board, according to the healthegy website. Read more
4. Zimmer Biomet clears U.S. anti-trust waiting period on LDR Holding acquisition
Zimmer Biomet said today that its pending, $1 billion acquisition of LDR Holding cleared the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act.
The $37-per-share offer for LDR, which makes the Mobi-C cervical disc replacement and Mivo lumbar and cervical fusion devices, is slated to expire at midnight July 13; today Zimmer said it expects to close the deal during the 3rd quarter. Read more
3. Shareholders sue TransEnterix over shelved SurgiBot
TransEnterix said today that it’s being sued by a pair of shareholders over its failure to win FDA clearance for the SurgiBot robot-assisted surgery device.
Research Triangle Park, N.C.-based TransEnterix’s shares plunged during the spring, after it revealed in April that the FDA denied its 510(k) application for SurgiBot, saying that the platform didn’t meet the criteria for substantial equivalence. The company soon shelved SurgiBot and turned to the already-CE-Marked ALF-X device it bought in a $100 million deal with Italy’s Sofar last year. Read more
2. Medtronic, Cochlear get in on $51m Earlens round
Earlens said today that it raised a funding round worth $51 million for the light-driven hearing aid it developed, pulling down $34 million in cash and another $17 million in a bridge financing conversion.
The Earlens device, which last October won 510(k) clearance from the FDA, uses a laser diode attached to a behind-the-ear audio processor to transmit sound to the receiver against the patient’s eardrum, to directly contact the patient’s eardrum and use it as a speaker. Read more
1. Medtronic to put up $1.1B for HeartWare
Medtronic said today that it agreed to put up $1.1 billion for implantable cardiac pump maker HeartWare International.
The $58-per-share deal, which represents a 93.4% premium over HeartWare’s $29.98 closing price June 24, is slated to close by Oct. 28 (the end of Medtronic’s fiscal 2nd quarter). HeartWare’s 30-day closing average as of June 24 was $30.20 per share. Read more
The post MassDevice.com +5 | The top 5 medtech stories for June 27, 2016 appeared first on MassDevice.
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