A Medical Device Daily
iCAD (Nashua, New Hampshire), a provider of computer-aided detection (CAD) solutions, reported completing its previously announced agreement to purchase the principal assets of CAD Sciences (White Plains, New York), a private med-tech company (Medical Device Daily, March 19, 2008). The purchase price was $5 million, comprised of $2 million in cash and 1,086,957 shares of iCAD common stock.
Ken Ferry, president/CEO of iCAD, said, "iCAD's acquisition of CAD Sciences broadens our leadership position beyond mammography CAD and provides a comprehensive portfolio of advanced image analysis and workflow solutions for the early detection of the most prevalent cancers. Magnetic resonance imaging and computed tomography are demonstrating significant advances in the imaging sector and this acquisition now extends our reach in the imaging modalities of CT and MRI, in addition to our expertise in film-based, digital radiography and computed radiography."
The number of shares issued was calculated using the average closing price for the 10 consecutive trading days immediately preceding the closing.
In other dealmaking activity:
• Datatrak International (Cleveland) a technology and services company developing eClinical solutions for the clinical trials industry, said it has retained Healthcare Growth Partners, (HGP; Elmhurst Illinois) as a strategic and financial advisor to assist its board in evaluating various opportunities for maximizing shareholder value.
Datatrak said these opportunities may include, but are not limited to, a sale, merger or other business combination of the company; partnerships or alliances; or raising additional capital, should the company determine it is in the best interest of its shareholders to continue as a stand-alone entity.
HGP focuses exclusively on healthcare technology and related service-based organizations, providing operational and transaction advisory services to small and mid-sized healthcare firms.
• MeadWestvaco (Richmond, Virginia) and Bilcare (Phoenixville, Pennsylvania) reported the joint acquisition of pharmaceutical packaging company International Labs (St. Petersburg, Florida). Terms were not disclosed.
The two companies said that the acquisition will leverage best-in-class capabilities for adherence-promoting pharmaceutical packaging and streamline the supply chain by eliminating steps in the distribution channel, helping to make adherence packaging more widely available to consumers, through growing low-cost generic and branded drug programs. The acquisition was completed on July 18.
The partnership combines MWV's capabilities in healthcare packaging design and innovation, including compliance and injection molded packaging; Bilcare's research and expertise in materials, products, processes and services which enable the safe and effective integration of pharmaceuticals and packaging; and International Labs' contract packaging services for retail pharmacies, and large generic and branded drug manufacturers.
International Labs is using the MWV compliance packaging solution Shellpak for generic and branded drug programs. Shellpak is a pre-filled medication package that can be immediately distributed to consumers, alleviating the need for pharmacists to count pills.
The package's unique and efficient design integrates a foil-backed blister pack with a labeled, injection molded plastic shell, and eliminates the need for unnecessary transport packaging. The solution's expert design is proven to enhance patient outcomes by motivating and reminding patients to take medication as prescribed.
MeadWestvaco provides packaging to brands in the healthcare, personal and beauty care, food, beverage, media and entertainment, and home and garden industries.
Bilcare is a service provider to the global pharmaceutical industry, offering one-stop solution in pharma packaging research, clinical trial supplies services, anti-counterfeit technology and an acclaimed research academy.
• Genentech (South San Francisco) reported that it has received a proposal from Roche (Basel, Switzerland) to acquire all of the outstanding shares of its stock, not already owned by Roche, at a price of $89 in cash a share. Roche owns nearly 55.9% of the outstanding shares of Genentech. Genentech expects that a special committee of its Board of Directors, composed of the independent directors, will be convened promptly to determine what action to take with respect to the proposal.
Genentech is a leading biotech developing medicines to treat patients with significant unmet medical needs.