A Medical Device Daily
Cardinal Health (Dublin, Ohio), a global provider of products and services designed to improve the safety and productivity of healthcare, reported that more than 80% of the outstanding shares of Viasys Healthcare (Conshohoken, Pennsylvania) have been tendered in its $1.5 billion merger with the company, making Viasys a majority owned subsidiary of Cardinal.
Cardinal's acquisition of Viasys was first disclosed in May (Medical Device Daily, May 15, 2007).
The initial offering period for the tender offer expired at midnight EDT on Wednesday, with about 27.4 million shares of Viasys common stock being tendered, including about 3.2 million shares tendered under guaranteed delivery procedures, for $42.75 per share.
"Now that Viasys is part of Cardinal Health, we are ready to move forward and bring our combined offerings to global customers," said R. Kerry Clark, CEO of Cardinal Health.
Cardinal Health and its wholly owned subsidiary, Eagle Merger, have initiated a subsequent offering period that will expire at 6 p.m., EDT, June 27, unless further extended. During this subsequent offering period, Viasys stockholders who did not previously tender their shares into the offer may do so and will promptly receive the same $42.75 per share cash consideration, without interest, paid during the initial offering period.
After expiration of the subsequent offering period, Cardinal Health intends to acquire all of the remaining Viasys shares by means of a merger at the same price paid in the tender.
Viasys bills itself as a leader in respiratory care, through the development and marketing of systems for critical care and diagnostic use. It also develops medical devices used in neurological, audio and vascular diagnostics, disposable medical products used in surgical procedures and enteral feeding, orthopedic implants, and offers clinical services.
Catalent Pharma Solutions (Somerset, New Jersey), formerly Cardinal Health Pharmaceutical Technologies and Services , reported its official launch as an independent operating company. The Blackstone Group acquired the business from Cardinal in April for $3.3 billion (MDD, April 11, 2007).
Catalent is a provider of advanced technologies, as well as development, manufacturing and packaging solutions for pharma, biotech and consumer healthcare companies in nearly 100 countries.
Catalent commercialized softgel capsule technology and Liqui-Gel® formulations, created the "fast dissolve" oral tablet category with Zydis, and introduced the vegetable-based capsule VegiCaps Soft.
Catalent said the name was created to combine the ideas embodied by the words "catalyst" and "talent." Catalent serves as a catalyst for success for its customers, enabling them to ensure product supply and improve product effectiveness, while "talent" underscores the company's breadth and depth of scientific, technical and local market expertise around the world.
The company employs about 10,000 at more than 30 facilities worldwide and generates more than $1.7 billion in annual revenue.
In other dealmaking news:
• Capital Trust (CT; New York) reported that it has acquired a senior living and healthcare-related real estate lending platform.
PRN Capital (Birmingham, Alabama), a new subsidiary of Capital Trust, has purchased the lending and asset management businesses previously operated under the names The Survey Companies and PRN Marshall Capital .
Comprised of cash and CT common stock, the maximum purchase price of $4.4 million includes a $1.8 million earn-out feature based on the achievement of certain revenue targets.
This acquisition is the culmination of an initiative to enhance our origination and asset management capabilities in healthcare lending," said John Klopp, CEO of Capital Trust.
PRN is led by Richard Brockman, chairman, and Lawrence Katz, president, and will originate loans for CT secured by the full range of senior living and healthcare properties, including CCRC, independent/assisted living, skilled nursing and long term acute care hospitals.
The Survey Companies and its affiliates have been actively involved in the senior living and healthcare sectors since their formation in 1995. Co-founded by Richard Brockman and SouthTrust Bank, Survey has provided advisory, underwriting and asset management services to lenders in both the CMBS and bank markets on a nationwide basis.
• UTEK (Tampa, Florida), a specialty finance company focused on technology transfer, and Haemacure (Montreal), a bio-therapeutics company developing human proteins, reported the signing of a technology acquisition alliance.
Through its alliances, UTEK assists companies in enhancing their product pipelines with the acquisition of intellectual capital from universities and laboratory research centers.