• Abbott Laboratories (Abbott Park, Illinois) has agreed to acquire Advanced Medical Optics (AMO; Santa Ana, California) for $22 a share in cash, or about $2.8 billion, including debt. AMO is comprised of three segments: cataract surgery, laser vision correction (LASIK), and eye care products. Abbott and AMO expect the transaction to close in the first quarter of 2009. The boards of both companies have already approved the deal. According to the companies, AMO holds the No. 1 position in LASIK surgical devices globally, the No. 2 position in the cataract surgical device market and the number three position in contact lens care products. The company was founded in 2002 as a spinoff from Allergan (Irvine, California). It has about 3,700 employees, operations in 27 countries and markets products in about 60 countries. Jim Mazzo, AMO's CEO/chairman, will be remaining with Abbott as president of AMO, which will operate as an independent entity within the Abbott corporate structure.

• Cardiac Science (Bothell, Washington) a developer of advanced cardiac diagnosis, resuscitation, rehabilitation and informatics products, completed a three-year agreement for product design and engineering services from Syncroness (Westminister, Colorado) a design and engineering firm serving the device industry.

Colon cancer test developer Exact Sciences (Marlborough, Massachusetts) reported that the company has formed a strategic relationship with Genzyme (Cambridge, Massachusetts) in which it granted that company certain intellectual property assets related to the fields of prenatal and reproductive health as well as three million shares of Exact common stock for a total value of about $24.5 million. Under the transaction, Exact retained exclusive worldwide rights to its colorectal cancer screening and stool-based DNA testing intellectual property, and will receive a share of Genzyme's sublicensing income derived from the purchased intellectual property outside the fields of prenatal and reproductive health. At closing, Exact received $16.65 million, with an additional $1.85 million to be received over the next 18 months, contingent upon the non-occurrence of certain events, in exchange for the sale and license of certain of Exact's intellectual property assets, including those relating to reproductive and prenatal health.

• Getinge (Stockholm, Sweden) reported that it completed its previously disclosed tender offer to acquire all outstanding shares of common stock of Datascope (Montvale, New Jersey) at a price of $53 per share in cash, or about $865 million. Under the FTC consent order, the combined company was required to divest Datascope's endoscopic vessel harvesting (EVH) product line. As previously reported, Datascope had entered into an agreement to sell its endoscopic vessel harvesting product line to Sorin Group (Milan, Italy) pending the closing of the acquisition of Datascope by Getinge.

• Health Discovery Corp. (HDC; Savannah, Georgia) reported that it has entered into an agreement with Abbott Laboratories (Abbott Park, Illinois) to commercialize HDC's new molecular diagnostics gene-based tests for clinically significant prostate cancer. Abbott has acquired co-exclusive clinical laboratory rights and exclusive in vitro diagnostic rights for commercialization of HDC's tissue-based prostate cancer test as well as HDC's urine-based prostate cancer test. HDC also reported that it has licensed rights to develop a new urine-based test for clinically significant prostate cancer to Quest Diagnostics (Madison, New Jersey), a provider of diagnostic testing, information and services. Under the terms of the agreement, HDC will receive payments, royalties and additional undisclosed financial considerations.

• Medtronic (Minneapolis) reported that it has completed its previously disclosed $225 million acquisition of privately held Ablation Frontiers (AF; Carlsbad, California). The transaction includes an initial payment of $225 million plus potential additional payments contingent upon achievement of certain clinical milestones. Operating within Medtronic's Cardiac Rhythm Disease Management (CRDM) business, Ablation Frontiers and the recently acquired CryoCath Technologies (Montreal) expand the company's recently launched AF Solutions business, Medtronic said.

• Premier Purchasing Partners (San Diego) reported agreements for chest drainage products have been awarded to Atrium Medical (Hudson, New Hampshire), and Teleflex Medical (Research Triangle Park, North Carolina). Effective March 1, 2009, the 36-month agreements are available to acute care and continuum of care members of the Premier healthcare alliance.

• Toshiba Medical Systems (Tokyo) reported that via its wholly-owned subsidiary, Toshiba Medical Visualization Systems Europe (TMVS), has completed its previously disclosed acquisition of the Advanced Visualization Imaging System Division (AVIS) of Barco (Kortrijk, Belgium).This acquisition brings in-house the development of 3-D volume rendering and advanced visualization capabilities for all Toshiba modalities, the company said.

No Comments