A Medical Device Daily

Matritech (Newton, Massachusetts) reported that Sysmex America (Mundelein, Illinois)and Matritech have mutually agreed to terminate their 2002 agreement under which Sysmex was granted an exclusive license for the use of Matritech’s NMP 179 cervical cancer technology for automated, non-slide-based laboratory instruments.

In conjunction with the termination, development of an automated process of screening cervical cell specimens by combining Matritech’s NMP179 technology with flow cytometry has been discontinued. All rights licensed in the agreement reverted to Matritech.

Matritech also reported that it and Inverness Medical Innovations (IMI; Waltham, Massachusetts) have entered into their previously disclosed asset purchase agreement in which IMI will acquire substantially all of the assets of Matritech for aggregate consideration of $36 million, payable in shares of IMI common stock. IMI first disclosed its intention to acquire the Matritech assets back in August (Medical Device Daily, Aug. 29, 2007).

The board of Matritech also has approved the dissolution of the corporation in accordance with Delaware law, subject to stockholder approval, after the closing of the asset sale. The asset sale and dissolution are conditioned upon approval by Matritech’s stockholders and the asset sale is further conditioned on the satisfaction of other customary closing conditions, and is expected to close in the fourth quarter of 2007.

Matritech, develops protein-based diagnostic products for the early detection of cancer.

In other dealmaking news: Eye care company Alcon (Huenenberg, Switzerland), reported that it has gained control of 76.9% of WaveLight’s (Erlangen, Germany) approximately 6.6 million issued and outstanding shares.

As required by the German Security Purchase and Take-over Act, an additional two-week acceptance period began on Saturday and will continue through Oct. 12.

The company has received approvals from the competition authorities in Germany and Austria and is awaiting cartel clearances in China, Cyprus and Spain prior to closing of the transaction.

Through Sept. 25, 3.10 million WaveLight shares were tendered to Alcon, equivalent to 47.1% of the issued and outstanding WaveLight shares. Also, Alcon has legally acquired 1.96 million WaveLight shares, or 29.9% of the issued and outstanding shares, either on the stock market or through direct purchase.

“We are pleased to have received broad acceptance from the WaveLight shareholders. By controlling more than 75% of the shares, once we obtain the other regulatory approvals we can begin the process of integrating WaveLight with Alcon’s existing refractive business,” said Cary Rayment, Alcon’s president/CEO and chairman. “We expect more WaveLight shareholders will accept our offer during this additional two-week acceptance period to ensure they can obtain the 115 per share offer price.”

“The combination of Alcon’s global marketing, distribution and service platform with the Allegretto laser and WaveLight’s technological expertise will create a formidable force in the global refractive laser market,” said Max Reindl, WaveLight’s CEO.

Alcon first disclosed its plans to launch the tender offer on July 16 (MDD, July 17, 2007).