A Medical Device Daily
Tom Daulton, CEO of device company Devicor Medical Products (Pleasanton Prairie, Wisconsin), said his company is "actively seeking" its first acquisition.
"With our strong, available capital we are actively pursuing a strategic acquisition to serve as Devicor's platform," he said.
Devicor was created in partnership with private equity firm GTCR Golder Rauner, which initially committed $250 million of equity capital to support Devicor's growth strategy.
Daulton said he anticipates growing Devicor into an industry-leading medical device company through a combination of capital investment, ongoing R&D investment, organic growth, and acquisitions.
Devicor is looking to acquire established interventional medical device businesses that manufacture and sell products to clinicians in settings such as hospitals, surgery centers or ambulatory clinics. Initial acquisitions are expected to provide infrastructure and personnel in key areas such as manufacturing, R&D, engineering, sales & marketing, finance, and human resources.
"First and foremost, Devicor is a medical device company," said Daulton. "The financial side of our business is critically important, and we're enthusiastic about the number of compelling investment opportunities we see in the market. But, at the end of the day, we're looking to advance the medical device industry and improve patient outcomes by building on something that works."
In other dealmaking activity, Vitrolife (Gothenburg, Sweden) reported an extension of the offer period with reference to its voluntary exchange offer to buy shares in MediCult (Denmark, Sweden).
The offer period will last until March 27. All other dates in the offer will be extended accordingly, Vitrolife noted. The company said it also reserves the right to make further extensions of the offer period.
In February Merck (Whitehouse Station, New Jersey) reported its intention to make a voluntary exchange offer of NOK 13:50 a share in cash for each share in MediCult. Merck's offer was unanimously recommended by the board of directors. Existing shareholders representing 16.1% of the MediCult shares have agreed to accept the offer unless a higher offer is presented and Merck elects not to match such competing offer within four trading days.
The value of Vitrolife's share offer, with a cash alternative for MediCult shareholders owning 1,000 or fewer MediCult shares, follows changes in the price of the Vitrolife share as well as the NOK/SEK exchange rate. Vitrolife said it extended the offer period in order to facilitate a comparison between its share offer and Merck's cash offer.
Vitrolife makes products for the preparation, cultivation and storage of human cells, tissue and organs.