A Medical Device Daily
Bayer HealthCare (Leverkusen, Germany) affiliate Medrad (Warrendale, Pennsylvania) reported the completion of its tender offer for the outstanding shares of common stock of Possis Medical (Minneapolis).
The deal, valued at about $361 million, or about $19.50 a share, was first disclosed in February (Medical Device Daily, Feb. 12, 2008).
The depositary for the offer has advised Medrad that, as of the expiration of the subsequent offer period at 5 p.m., EDT, on Tuesday, 15,835,892 Possis shares had been tendered in the offer, representing about 93% of the outstanding shares.
The company said it expects to merge with Possis "as soon as practicable," with Possis becoming a Medrad subsidiary.
Medrad provides contrast injection systems used to diagnose cardiovascular and other diseases. Possis provides mechanical thrombectomy devices used to treat narrowed or blocked arteries and veins.
Fujirebio Diagnostics (Malvern, Pennsylvania), a maker of cancer diagnostics and biomarker assays, reported that it has acquired American Biological Technologies (ABT; Seguin, Texas), a manufacturer of in vitro diagnostic assay controls and calibrators.
The deal marks Fujirebio's entry into the controls and calibrators manufacturing business, enabling it to strengthen its position in the in vitro diagnostics industry, it said.
"The acquisition is a natural next step on our path in entering diagnostic assay control and calibrator manufacturing, and mirrors Fujirebio Diagnostics' strategy to provide its diagnostic industry customers with the tools and services that will revolutionize how disease is diagnosed and managed," said Paul Touhey, president/CEO of Fujirebio.
ABT has been one of Fujirebio's main suppliers, providing controls and calibrators to a shared customer base. Controls and calibrators are used to confirm that diagnostic assay kits and the analyzers that the kits run on are performing within specification, thus complementing Fujirebio's portfolio of diagnostic assays.
In other dealmaking news:
• 3M Canada, a subsidiary of 3M (St. Paul, Minnesota), said it has acquired Les Entreprises Solumed, a Quebec-based developer of products designed to prevent infections in operating rooms and hospitals. Terms of the transaction were not disclosed.
Solumed adds its chlorhexidine gluconate (CHG) and alcohol-based products to 3M's offerings in infection prevention. "The addition of Solumed positions 3M for growth in the fast-growing segment of intravenous (IV) site care and in preoperative care and hand hygiene, where CHG-based products are gaining momentum," said Chuck Kummeth, VP and GM, 3M Medical Division.
Solumed's antiseptic wipes, swabsticks, surgical scrub brush-sponges and antiseptic gels complement 3M's line of products intended to improve patient skin health and reduce the risk of infection, 3M said.
Solumed employs about 25 people and will remain in Quebec as a separate subsidiary of 3M Canada.
• Covidien (Hamilton, Bermuda) reported acquiring 91% of the outstanding shares of Tissue Science Laboratories (TSL, Aldershot, UK) and has declared the public tender offer wholly unconditional. Covidien launched the tender offer in the UK for all of TSL's outstanding shares held by UK residents on March 12.
Covidien will pay 103.5 pence (about $2.10, a share, or about $80 million) in cash for the company, and expects to close the deal this quarter.
Covidien makes product lines in four segments: medical devices, imaging solutions, pharmaceuticals and medical supplies.
TSL develops tissue implant products for surgical and wound care therapies, including Permacol Surgical Implant, its core technology for recurrent hernia repair.