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. AngioDynamics shares droop despite swing to Q1 black
AngioDynamics reported its 1st quarter results for fiscal 2017 yesterday, posting a 5% top-line gain and a swing to black ink.
Despite the good news, ANGO shares closed down more than 6% yesterday, but recovered somewhat today. Read more
4. Obalon Therapeutics prices $75m IPO
Obalon Therapeutics yesterday priced its initial public offering at $75 million, in line with the range it set last month.
The weight loss device maker said it plans to float 5 million shares at $15 apiece, trading on the NASDAQ exchange under the “OBLN” symbol. Carlsbad, Calif.-based Obalon won pre-market approval from the FDA last month for its ingestible, gas-filled weight-loss balloon and plans to have it on the U.S. market in early 2017. Read more
3. BTG’s U.S. Biocompatibles business to pay $36m to settle Justice Dept. beef
BTG said today that it agreed to pay the U.S. Justice Dept. $36 million to settle a probe into the marketing of the LC Bead embolization microspheres made by its Biocompatibles subsidiary.
The Justice Dept. launched the probe in July 2014, saying it would investigate the marketing practices for LC Bead from 2003 to 2011, covering a period before the January 2011 buyout of Biocompatibles by the British drug-delivery giant. The settlement does not include a corporate integrity agreement, BTG said. Read more
2. FDA approves St. Jude Medical’s Infinity DBS and directional leads
St. Jude Medical said today that the FDA approved its Infinity deep-brain stimulation device, including its DBS directional leads, to treat Parkinson’s disease and essential tremor.
The Infinity system is designed so that Apple mobile devices can be used as wireless controllers, via a Bluetooth connection; St. Jude claims the system as the only upgradable DBS platform for movement disorders. Read more
1. ICU Medical to pay Pfizer $1B for Hospira infusion pump biz
ICU Medical agreed to pay $1 billion in cash and stock for the Hospira infusion pump business owned by Pfizer, confirming rumors that swirled earlier this year that the drug giant was looking to sell the business.
The deal calls for ICU Medical to put up $400 million worth of new shares and $600 million in cash, leaving Pfizer with a 16.6% stake in ICU. The acquisition, expected to close during the 1st quarter of 2017, includes IV pumps, solutions and devices made by the Hospira Infusion Systems business. ICU pegged its pro-forma annual revenues after the deal at roughly $1.45 billion, based on trailing 12-month results as of June. Read more
The post MassDevice.com +5 | The top 5 medtech stories for October 6, 2016 appeared first on MassDevice.
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