A Medical Device Daily
SurModics (Eden Prairie, Minnesota) a provider of surface modification and drug delivery technologies to the healthcare industry, reported that it has acquired a portfolio of intellectual property and collaborative drug delivery projects from PR Pharmaceuticals (Fort Collins, Colorado), a company specializing in injectable, biodegradable sustained-release formulations.
SurModics paid $3 million in cash at closing and may pay up to an additional $6 million in cash upon the successful achievement of certain milestones. The acquisition is expected to be accretive to SurModics' fiscal 2009 earnings, excluding any one-time charges related to the acquisition.
"The proprietary technologies and existing business we are acquiring from PR Pharmaceuticals are a perfect fit for SurModics," said President/CEO Bruce Barclay. "The proprietary technologies complement and enhance the existing portfolio of drug delivery capabilities available from SurModics and Brookwood. A broader toolkit for protein delivery and the ability to use smaller gauge needles for microparticle injections make an even more compelling offering for both current and future SurModics customers."
In addition to the intellectual property being acquired, SurModics will be assuming responsibility for several customer-paid development projects currently in progress with pharmaceutical and biotechnology companies.
Finally, SurModics will be the paid development partner for PR Pharmaceuticals' proprietary product called InsuLAR, a once-a-week sustained release formulation of basal insulin for the diabetes marketplace.
SurModics is a provider of surface modification and drug delivery technologies to the healthcare industry.
TomoTherapy (Madison, Wisconsin), maker of the Hi Art treatment system for advanced radiation therapy, reported that it has finalized an agreement to acquire privately held linear accelerator manufacturer Chengdu Twin Peak Accelerator Technology (Chengdu, China).
A linear accelerator (linac) is a key component in radiation therapy systems used to create high-energy X-rays for cancer treatments. The linear accelerators designed, developed and manufactured by Twin Peak will be used to supplement TomoTherapy's existing supply source.
"With the acquisition of Twin Peak, we are reducing our sole supplier risk associated with our linac supply, a critical component to the Hi Art treatment system. This acquisition will also expand TomoTherapy's competency in design and manufacturing of linear accelerators which is expected to improve Hi Art system reliability and positively impact margins," said Steve Books, chief operating officer of TomoTherapy,
In other dealmaking news:
• Getinge (Stockholm, Sweden) reported that it has extended its previously disclosed $53 per share cash tender offer for all of the outstanding shares of Datascope (Montvale, New Jersey) until midnight, EST, at the end of Nov. 11, as such time may be extended.
All other terms and conditions of the offer remain unchanged. As of the close of business on Tuesday, about 13,338,318 shares of Datascope common stock, representing roughly 84 % of the total outstanding shares of Datascope common stock, had been validly tendered and not withdrawn in the offer.
The $865 million cash deal was first disclosed in September (Medical Device Daily, Sept. 17, 2008).
• Invitrogen (Carlsbad, California) reported progress in the integration plans regarding its pending $6.7 billion acquisition of Applied Biosystems (AB; Foster City, California).
The company reported that three members of the AB board have been named to the board of the new company, effective upon closing. The new members are George Adam Jr., Arnold Levine, PhD; and William Longfield. They will join the nine current members of Invitrogen's board as directors of the new company when the transaction closes.
A new name for the combined entity — be Life Technologies Corp. — will go into effect upon transaction close. Its shares will trade on the Nasdaq under the ticker symbol LIFE.
Instruments and systems solutions will continue to be sold under the Applied Biosystems brand name, while the combined company's broad offering of reagents will be sold under the Invitrogen brand name.