Lumenis Finally Finds a Buyer

Lumenis Finally Finds a Buyer

by | Nov 22, 2019 4:03 pm | Medical Devices, Private Equity

After a four-year partnership, XIO Group has finally sold Lumenis. CVC Capital Partners and FountainVest Partners came incredibly close to purchasing the medical device firm late last year for an estimated $950 million, according to reports in Calcalist, but the deal was never finalized. Fast forward to the present day, and Baring Private Equity Asia (BPEA) has emerged as the buyer, spending $1 billion for the Israeli firm. Lumenis provides specialty minimally invasive medical devices in the fields of aesthetics, urology, ophthalmology, ENT, and gynecology. The company has a presence in more than 100 countries. XIO Group acquired Lumenis in 2015 for $510 million, or $14 a share, when the... Read More »
Stryker Takes Out Wright Medical Group for $5.4 Billion

Stryker Takes Out Wright Medical Group for $5.4 Billion

by | Nov 4, 2019 10:27 am | Medical Devices

It’s a deal that will likely spawn more deals. Medical device giant Stryker Corporation (NYSE: SYK), with a market cap of $76.4 billion, is acquiring its smaller rival, Wright Medical Group N.V. (NASDAQ: WMGI), with a market cap of $2.8 billion. Stryker will pay $30.75 per share, for a total equity value of approximately $4.0 billion, and a total enterprise value of approximately $5.4 billion, including debt. The deal brings together two highly complementary product portfolios. Wright Medical is a recognized leader in the upper extremities (shoulder, elbow, wrist and hand), lower extremities (foot and ankle) and biologics markets, which are among the fastest growing segments in... Read More »
Danaher Drops Business Segments to Appease Regulators

Danaher Drops Business Segments to Appease Regulators

by | Oct 28, 2019 2:20 pm | Medical Devices, Pharmaceuticals

Danaher Corporation (NYSE: DHR) is selling a number of its business segments and assets to Sartorius AG (FWB: SRT) for $750 million. The sale includes Danaher’s label-free biomolecular charaterization, chromatography hardware and resins, and microcarriers and particle validation standards businesses, which are part of its Life Sciences segment. Danaher is selling this portion of its Life Sciences segment as a step towards obtaining regulatory approval for its pending acquisition of the GE Biopharma business (NYSE: GE). These businesses generated approximately $140 million in combined revenue in 2018. GE Life Sciences announced the sale of its biopharmaceutical business for $21.4... Read More »
Baxter International Catches Cheetah Medical

Baxter International Catches Cheetah Medical

by | Sep 10, 2019 4:21 pm | Medical Devices

Baxter International (NYSE: BAX) has been quiet on the merger and acquisition front since January 2018. The deal drought ended on September 10, 2019 when the med-tech company announced its acquisition of Cheetah Medical, based in Newton Center, Massachusetts. Cheetah provides non-invasive fluid management monitoring technologies, designed for use in critical care, operating room and emergency department settings. Its technology is available in approximately 30 countries. The price for the privately held company was $190 million in cash upfront and an additional $40 million in clinical and commercial milestones. This acquisition boosts Baxter’s portfolio with a non-invasive... Read More »
Robotics Firm Acquired by Siemens Healthineers

Robotics Firm Acquired by Siemens Healthineers

by | Aug 12, 2019 10:17 am | Laboratories, MRI & Dialysis, Medical Devices, Private Equity

After a nearly two-year hiatus, the diagnostic and therapeutic imaging giant Siemens Healthineers AG (XETRA: SHL.DE) has agreed to purchase Corindus Vascular Robotics, Inc. (NYSE: CVRS) for $1.1 billion, at a price of $4.28 per share. Corindus is a global leader in robotic-assisted vascular interventions. Its CorPath platform is the first FDA-cleared medical device to bring robotic precision to percutaneous coronary and vascular procedures. On a trailing 12-month basis, Cordindus reported approximately $12.3 million in revenue. Siemens plans to combine its high-quality imaging, digital and artificial intelligence tools with Corindus’ precision robotics platform to improve treatment for... Read More »
Cantel Medical Strikes Another Dental Deal

Cantel Medical Strikes Another Dental Deal

by | Aug 5, 2019 1:58 pm | Medical Devices

Cantel Medical Corp. (NYSE: CMD) acquired another medical device company last week, Hu-Friedy Mfg. Co., LLC. The target company has a long history as a dental instrument manufacturer, providing instrument reprocessing workflow systems that have served the dental industry for over 111 years. Cantel agreed to pay $725 million upfront, $60 million of which will be paid in Cantel stock and the rest in cash (3.x revenue and 15.1x EBITDA), and up to $50 million in potential cash and stock earnouts after reaching certain milestones. Combining Hu-Friedy’s position in dental instrumentation and instrument management systems with Cantel’s dental infection prevention consumables... Read More »