Medtronic Makes a Billion-Dollar Bet on Mazor
A couple of weeks ago we noted the rash of medical device deals targeting spine surgery, some small, some not so small. Now the 800-lb. gorilla of medical device deals, Medtronic plc (NYSE: MDT) has weighed in with the biggest spine deal of the year. On September 21, the Ireland-based company announced its acquisition of Israeli medtech company Mazor Robotics Ltd. (NASDAQ: MZOR) for $1.34 billion. The deal strengthens Medtronic’s position as a global leader in technologies for spine surgery. Founded in 2001, Mazor pioneered the application of robotics technology for use in spinal procedures. In 2011 the company introduced the Renaissance system, and in 2016 launched the... Read More »
This Is (Not) Spinal Tap
We’ve seen a rash of deals for all things spinal in recent weeks, from Stryker Corp.’s (NYSE: SYK) $1.4 billion deal for K2M Group (NASDAQ: KTWO) to IZI Medical’s acquisition of Benvenue Medical’s vertebral augmentation systems. What’s the occasion? Well, it’s that time of year when the big medical conferences loom. The Society for Minimally Invasive Spine Surgery (SMISS) took place in Las Vegas between September 6 and 8, and the North American Spine Society (NASS) do is about to get under way in Los Angeles from September 26 through the 29. On the smaller scale of targets is Maxim Surgical, based in Richardson, Texas, which was acquired by Fuse Medical... Read More »
Stryker Strengthens Its Spinal Division with K2M Deal
Stryker Corporation (NYSE: SYK) announced its third deal of the year on August 30, acquiring K2M Group Holdings (NASDAQ: KTWO), based in Leesburg, Virginia. Stryker will pay $27.50 per share in an all-cash transaction. The purchase price of approximately $1.4 billion represents a 27% premium over K2M’s average closing price in the 90 trading days ended August 29, 2018. K2M shares rose nearly 26% on news of the deal, opening at around $27.40 per share on August 30, 2018. Stryker’s shares were down nearly 1%, to approximately $170. K2M makes complex and minimally invasive spine “solutions,” which are implants, disposables, and instruments primarily to hospitals for... Read More »
Boston Scientific Buys Claret Medical
The deals keep coming from Boston Scientific Corp. (NYSE: BSX). The medical device maker announced its sixth deal so far this year on July 20. The latest target is privately held Claret Medical, Inc., based in Santa Rosa, California. Claret developed and commercialized the Sentinel Cerebral Embolic Protection System, which is used to protect the brain during certain interventional procedures, primarily during transcatheter aortic valve (TAV) replacement. It is the only device to protect patients against the risk of stroke. The Sentinel System received CE Mark in 2014 and FDA clearance in 2017. Boston Scientific agreed to pay $220 million in cash, as well as a potential reimbursement-based... Read More »
Otsuka Scores Twice in One Week
Otsuka Pharmaceutical Co., Ltd., a subsidiary of Otsuka Holdings (OTC: OTSKY), announced back-to-back deals in early July, in which it entered a new field, and bolstered one of its existing segments. Otsuka’s research areas are in psychiatric and neurological diseases, hematological cancers, and kidney, cardiovascular, and infectious diseases. On July 11, the company announced its acquisition of ReCor Medical, a portfolio company of Sofinnova Partners, for an undisclosed price. The Palo Alto, California-based medical device company specializes in the treatment of hypertension, a new area for Otsuka. ReCor was founded in 2009 by Sofinnova Partners and Professor Jacques Seguin, MD, who... Read More »Schedule a demo
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