A Medical Device Daily
iMDs (Logan, Utah) reported the acquisition of Frontier BioMedical (Logan, Utah), a company that provides preclinical animal research services to the medical device industry.
Financial terms were not disclosed.
"Frontier BioMedical will provide our OEM partners accelerated time to market for joint development projects that require an animal research model to demonstrate safety or effectiveness," said Wade Fallin, president/CEO of iMDs. "This acquisition further establishes iMDs as the premier outsourcing partner for the medical device OEMs."
"Joining the iMDs family will enable Frontier BioMedical to better serve both its large and emerging medical device customers by integrating its services into other select Product Life Cycle Sourcing services that will optimize our customer's ability to rapidly develop innovative products and get them to market as quickly as possible," said Raymond Olsen, president of Frontier BioMedical.
iMDs provides comprehensive product development and supply chain management solutions for device companies.
Frontier BioMedical offers testing services to the medical device industry.
In other dealmaking news:
• Alcon (Huenenberg, Switzerland) reported that Carl Zeiss Meditec AG (Jena, Germany), which owns about a 5% stake in WaveLight (Erlangen, Germany), said it would tender all of its WaveLight shares to Alcon at the 115 ($20.53) a share tender offer price.
Alcon said its offer of 115 ($20.53) per WaveLight share represents a 100% premium on the one-month (17.49), and a 118% premium on the three-month (16.88), volume weighted average stock exchange price as of July 16.
Last month Alcon increased its offer for WaveLight from 110 ($13.69) to 115 ($20.53) (Medical Device Daily, Aug. 16, 2007).
• Concentra Health Services (Addison, Texas) said it has acquired Renew Health & Wellness (WorkWise), consisiting of two occupational health centers in Birmingham and Bessemer, Alabama. Concentra said the Bessemer location would be consolidated into the existing Concentra Medical Center.
The acquisition of WorkWise increases Concentra's presence to two centers in the Birmingham market, the company noted. Bill Lupinacci, MD, will join the team as an affiliated physician for Concentra's Birmingham location.
Concentra operates 320 occupational medical centers in 40 states and 270 on-site medical facilities at employer locations throughout the nation. Concentra also provides urgent care services at a number of its medical center locations.
• BioDelivery Sciences International (BDSI; Morrisville, North Carolina) said it has exercised its option to acquire the U.S. rights to the Bema drug delivery technology that BDSI licensed from QLT USA, a subsidiary of QLT (Vancouver, British Columbia). The acquisition gives BDSI full ownership of the Bema technology and eliminates any payment of royalties to or the sharing of milestone payments with QLT USA going forward for any Bema product. More specifically, now that the technology has been purchased, BDSI said it is not required to share the upfront payment, or any future financial benefit it expects to receive from the partnership agreement it recently signed with Meda (Solna, Sweden) involving Bema Fentanyl.
To acquire the U.S. rights to the Bema technology, BDSI paid QLT $3 million at the closing of the acquisition and has issued a promissory note in the amount of $4 million. The note is payable to QLT in two future $2 million installments triggered by the occurrence of specific milestones, including the new drug application (NDA) approval of BDSI's first Bema product. BDSI financed the initial $3 million payment with a short term bank note and expects to repay the note with a portion of the $30 million milestone payment it expects to receive from Meda upon the conclusion of the HSR review period, anticipated in October.
BDSI is a specialty pharmaceutical company that is focused on developing products to treat acute conditions such as pain.