Medical Devices Deals, 2006 to 2015
Mergers and acquisitions in the medical device sector hit a rough patch in 2013. That’s when the 2.3% excise tax, mandated in the Affordable Care Act, went into effect, and the change was felt almost immediately. In 2015, the tax was lifted for a period of two years, but deal making still hasn’t gone back to the heady days of 2011. Read More »Linden Capital Exits CORPAK Medsystems
Eight years after its initial investment, Linden Capital Partners has sold CORPAK Medsystems, for $174 million. CORPAK develops and manufactures a portfolio of enteral access devices such as enteral feeding safety devices and nasogastric feeding tubes for hospitals, nursing homes and home care. The buyer is Halyard Health (NYSE: NYH), another medical device company focused on preventing infection, eliminating pain and speeding recovery for healthcare providers and their patients. CORPAK’s line of nasogastric tubes complements Halyard’s existing enteral feeding products. Based on published annual revenue of $54 million, we get a multiple of 3.2x. Not bad, for... Read More »Meridian Targets Magellan Biosciences
Lead poisoning has been a prominent news story this year, thanks to the tragic circumstances now playing out in Flint, Michigan. So it’s no surprise that Magellan Biosciences, Inc. and its subsidiary, Magellan Diagnostics, Inc., have been sold to Meridian Bioscience, Inc. (NASDAQ: VIVO) for $66 million. Majority owner Ampersand Capital Partners, together with Tekla Capital Management and Boston Community Venture Fund, made their exit from the business. Magellan has built a national reputation for point-of-care testing kits that measure levels of lead in the bloodstream. Its LeadCare® II, LeadCare Ultra and Plus systems are used by more than 6,500 physician offices and clinics in the... Read More »Canon Buys Toshiba Medical Systems
Two companies, two strategic plans. That’s what brought Canon Inc. (NYSE: CAJ) together with Toshiba Corp. (OTCQB: TOSYY) in a deal to acquire Toshiba’s medical device business. Toshiba, which makes laptops, home appliances, nuclear power equipment and more, somehow deemed Toshiba Medical Systems as a non-core asset and decided to sell. For its part, Canon decided earlier this year to diversify beyond cameras and copiers. Canon will pay approximately $5.9 billion for Toshiba Medical Systems, which includes diagnostic imaging systems such as MRI, X-ray and ultrasound equipment. Read More »Leap Day Boosts February Deal Volume
It’s Leap Year, which means February was a day longer in 2016. This year, that extra day marked the announcement of seven healthcare transactions, which raised the month’s total to a healthy 113 deals. The services sectors were more active than usual, and accounted for 65% of the total. Usually, the services side makes up about 55% to 60%. Dollar volume was healthy, too, at $27.7 billion. But given the records set in 2015, February’s dollar total ended up 35% below the same month a year ago. The deals may be getting smaller, but they’re still being made. Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
