A Medical Device Daily
Merz Pharma (Frankfurt, Germany) reported the successful completion of the $5.45 a share cash tender offer for all outstanding shares of BioForm Medical (Frankfurt, Germany) made by Merz and its acquisition subsidiary. This equates to roughly $253 million. The tender offer expired at midnight, Eastern Standard Time, on Friday. The company first reported the acquisition earlier this year (Medical Device Daily, Jan. 5, 2010).
Based on final information from the depositary for the tender offer, 44,706,581 shares (including 7,103,759 shares subject to guaranteed delivery procedures), representing more than 94% of the outstanding shares of common stock of BioForm Medical were validly tendered and not withdrawn prior to the expiration of the tender offer. All such shares have been accepted for payment in accordance with the terms of the tender offer.
Merz also said that it has commenced a subsequent offering period of its tender offer to acquire the remaining untendered shares of BioForm common stock during the three trading day period within which shares tendered pursuant to the guaranteed delivery procedure must be delivered to the depositary.
In other dealmaking activity:
• Abbott (Abbott Park, Illinois) reported that it has completed its $6.2 billion acquisition of Solvay Pharmaceuticals (Brussels, Belgium), providing Abbott with a large and complementary portfolio of pharmaceutical products and expanding Abbott's presence in key global emerging markets.
Based on the timing of the close, Abbott expects the acquisition to add about $2.9 billion to its 2010 total reported sales, the majority outside the U.S., and add nearly $500 million to its annual pharmaceutical R&D investment.
Solvay is now part of Abbott's global Pharmaceutical Products Group. Werner Cautreels, CEO of Solvay, will serve in a transitional role and will then leave the company.
The impact of the Solvay acquisition has been reflected in Abbott's previously issued earnings-per-share guidance for the first-quarter and full-year 2010.
As previously disclosed, the transaction also includes payments of up to €300 million if certain sales milestones are met between 2011 and 2013.
• Quick-Med Technologies, (Gainesville, Florida) reported it has amended its patent and technology license agreement with Derma Sciences (Princeton, New Jersey) to grant Derma rights to use NIMBUS technology in an expanded range of wound dressings formats marketed by Derma under its Bioguard trademark. The amendment also adjusts minimum royalties, provides terms for Derma entering into a private-label contract, and extends the term of the license for an additional three years subject to Derma meeting certain milestones and performance requirements.
Quick-Med expects NIMBUS to become an important technology in the $14 billion global wound care market as wound care companies and healthcare professionals look for more effective and efficient ways to prevent infections and avoid cross-contamination. The aging population will continue to drive significant growth in the wound care market while continuing attention on reducing hospital infection rates will accelerate the push for cost-effective antimicrobial dressings.
• ICAP Ocean Tomo (Chicago), the intellectual property brokerage division of ICAP, is offering for sale a patent portfolio relating to a cardiothoracic surgery system owned by Medcanica (Miami). The portfolio consists of 14 U.S. issued patents, four non-U.S. patents, and one U.S. patent application.
• AB Sciex (Foster City, California) reported that it has acquired the liquid chromatography business of Eksigent Technologies (Dublin, California).
Among the technologies AB Sciex is acquiring are Eksigent's NanoLC-Ultra System for proteomics, the cHiPLC-nanoflex System for protein peptide separations, and the ExpressHT-Ultra HPLC System for LC/MS studies of pharmacokinetics and drug metabolism. Nearly 50 employees in Eksigent's R&D, manufacturing, sales and related functions will continue to operate at its Dublin headquarters.
• Grubb & Ellis Healthcare REIT II (Santa Ana, California) said it has entered into an agreement to acquire Lacombe Medical Office Building (New Orleans), a nearly 34,000-square-foot, multi-tenant medical facility in the New Orleans suburb of Lacombe. The acquisition is subject to customary closing conditions and the satisfaction of other requirements as detailed in the agreement.