• Advanced Medical Optics (AMO; Santa Ana, California) made an 11th hour $4.3 billion offer for larger eye care rival Bausch & Lomb (B&L; Rochester, New York). While the $75-a-share offer trumps a $3.67 billion offer by Warburg Pincus — which values the shares at $65 — there are significant differences in the two offerings that make an apples to apples comparison impossible. For starters, AMO’s offer consists of a significant stock component. Each B&L share would be exchanged for $45 in cash and a fixed number of AMO common stock having a value of $30. In contrast, the Warburg Pincus offer, which would take B&L private, would be an all-cash transaction. If the new offer is consummated, AMO will have to pay Warburg Pincus a $40 million breakup fee.

• ATS Medical (Minneapolis) reported the completion of its $22 million all-cash acquisition of the surgical cryoablation business of CryoCath Technologies (Montreal) was first reported in June. With milestone payments, the agreement could increase in value to reach a total of $30 million. The assets being acquired include the SurgiFrost, FrostByte, and SurgiFrost XL family of products for which ATS Medical has been CryoCath’s exclusive agent in the U.S. and distributor in certain international markets since November 2004.

• CardioTech International (Wilmington, Massachusetts), a developer of advanced materials and medical devices for the treatment of cardiovascular and other diseases, reported that its agreement to sell its Gish Biomedical (Rancho Santa Margarita, California) subsidiary in a stock transaction to Medos Medizintechnik (Stolberg, Germany) for a purchase price of about $7.5 million has closed. The deal was first disclosed in early July. Of the purchase price, $1 million will be held in a one-year cash escrow to fund CardioTech’s post-closing indemnification obligations to Medos, if any. After estimated transaction costs of $500,000 and the escrow funding, CardioTech expects to realize about $6 million in cash from the sale of Gish.

• ev3 (Plymouth, Minnesota) and FoxHollow Technologies (Redwood City, California) last month unveiled a plan to merge in a $780 million cash and stock transaction. The proposed merger would create a new company with a market capitalization of about $1.7 billion. ev3 is focused on endovascular technologies for minimally invasive treatment of vascular diseases and disorders. FoxHollow develops minimally invasive devices for the removal of plaque and thrombus for the treatment of peripheral artery disease. FoxHollow shareholders would receive 1.45 shares of ev3 common stock plus $2.75 in cash for each share of FoxHollow common stock they own. Based on the companies’ closing stock prices on Friday, this represents $25.92-a-share consideration to be received by FoxHollow shareholders, or roughly $780 million. With transaction close, FoxHollow stockholders would own about 41% of the combined company, and ev3 stockholders about 59%. The companies said they expect to complete the merger in 4Q07.

• Inverness Medical Innovations (IMI; Waltham, Massachusetts) reported complete its acquisition of Biosite (San Diego), at a price of $92.50 per share. IMI completed the acquisition, which was finalized in May through a cash tender offer and a subsequent merger of a wholly owned subsidiary with and into Biosite. IMI, a developer of advanced diagnostic devices beat out rival Beckman Coulter (Fullerton, California) in May after a two-month bidding war that saw the value of Biosite’s shares increase by $7.50. Beckman Coulter had originally agreed to acquire Biosite back in March for $85 a share.

• ReAble Therapeutics (Austin, Texas), whose controlling shareholder is The Blackstone Group, reported that it will acquire DJ Orthopedics (DJO; San Diego/Austin, Texas), a provider of products and services that promote musculoskeletal and vascular health, for $1.3 billion and the assumption of $300 million in DJO debt. ReAble, focused on rehabilitation, pain management, physical therapy and orthopedics, will pay $50.25 a share for each outstanding share of DJO common stock. ReAble was previously named Encore Medical and was renamed after being purchased a year ago by a group led by Blackstone. The transaction, subject to various closing conditions, is slated to close in 4Q07. DJO may solicit superior proposals from third parties over the next 50 days, and if it develops such an offer, it would pay ReAble a break-up fee of $18.7 million.

• Teleflex (Limerick, Pennsylvania) reported that it will acquire Arrow International (Reading, Pennsylvania), a manufacturer of disposable catheters and related products for critical and cardiac care, for $2 billion in cash. The merger agreement, unanimously approved by the boards of both companies, would provide a cash payment of $45.50 a share for each outstanding share of Arrow. Teleflex specializes in neurology, respiratory surgery and other types of neurological products. The merged company will have 11,000 employees worldwide.