A Medical Device Daily

Advanced Medical Optics (AMO; Santa Ana, California), maker of ophthalmic surgical devices and eye care products, reported completing the $808 million acquisition of IntraLase (Irvine, California) that was firs disclosed in January (Medical Device Daily, Jan. 9, 2007). AMO paid $25 in cash per share of IntraLase stock and the individually determined cash value per share of outstanding stock options.

The acquisition was approved by IntraLase stockholders on March 30 and closed yesterday, consistent with the company's timetable to complete the acquisition early in 2Q07.

"We have taken a major step toward defining a new standard of care in laser vision correction," said Jim Mazzo, president/CEO and chairman of AMO. "The addition of IntraLase's state-of-the-art femtosecond laser technology to AMO's unmatched portfolio of corneal and cataract products allows us to forge a new path for vision care with a full suite of technologies to address a lifetime of refractive needs."

AMO said it expects to leverage the large installed bases of AMO and IntraLase and combine their international expansion strategies to further establish its position as the industry leader in laser diagnostics, flap-creation and ablation technologies.

The acquisition gives AMO entry into the corneal transplant market with the IntraLase enabled keratoplasty (IEK) technology.

Cytyc (Marlborough, Massachusetts) reported completing the tender offer by its direct wholly owned subsidiary, Augusta Medical, for all outstanding shares of Adeza Biomedical (Sunnyvale, California) for $24 a share in cash, about $452 million.

The depositary for the offer advised Cytyc that, as of the expiration of the subsequent offering period, 16,816,572 shares were tendered and not withdrawn, representing about 96% of Adeza's issued and outstanding shares. All validly tendered shares have been accepted for payment.

Cytyc develops diagnostic and surgical products covering a range of cancer and women's health applications.

In other dealmaking news:

• Cantel Medical (Little Falls, New Jersey) reported that its Mar Cor Purification division has completed the purchase of the water dialysis business of GE Water & Process Technologies for about $30.6 million before cash tax benefits.

With about 1,800 installations in North America, and revenues of about $20 million, the acquisition expands Cantel's water treatment division by 50%, increasing the importance of water purification in its infection prevention and control portfolio, it said.

The acquisition is expected to be accretive to earnings in the first full fiscal year.

GE Water & Process Technologies, with its ZyzaTech and 23G water equipment and relationships with the largest global dialysis customers, complements Cantel's Water Purification and Filtration segment, Cantel said. The combined entity will cover "a significant portion" of the dialysis clinics in North America and will enable Mar Cor to improve the density and efficiency of its service delivery network across 17 service offices and 6 resin regeneration plants.

Mar Cor will retain the business's associated employees and will benefit from revenue enhancements through service and sales opportunities within the GE Water & Process Technologies installed base and operating improvements in supply-chain management, manufacturing and other areas. GE will continue its ongoing relationship with Mar Cor as a supplier of components including RO membrane elements, cartridge filters, membrane housings, pumps and other consumables.

GE Water & Process Technologies is a unit of General Electric (Little Chalfont, UK).

• The Premier (San Diego) healthcare alliance reported acquiring CareScience (Philadelphia) from Quovadx (Englewood, Colorado) for an undisclosed sum, bringing together two of the nation's largest organizations working with hospitals to improve healthcare quality and efficiency.

Together, Premier and CareScience serve more than 900 hospitals. Premier says that CareScience's clinical expertise complements its process improvement focus and database of hospital comparative data.

"CareScience's advanced clinical analytics and research capabilities complement Premier's expertise in data management and performance improvement," said Stephanie Alexander, Premier's senior VP for healthcare informatics.

• Tenet Healthcare (Dallas) reported that one of its subsidiaries has completed the previously disclosed sale of Graduate Hospital (Philadelphia), a 190-bed hospital to the University of Pennsylvania Health System (Philadelphia) for about $16.5 million, which will be used for general corporate purposes (MDD, Jan. 24, 2007).

With this divestiture, Tenet has completed the sale of eight of 13 hospitals the company had previously announced for sale. Pre-tax proceeds for all these completed hospital transactions are estimated to be about $252.5 million,

Tenet, through its subsidiaries, owns and operates acute care hospitals and related health care services.

• The Federal Trade Commission has approved Thermo Fisher Scientific's (Waltham, Massachusetts) request to sell one of its divisions to two private equity firms.

Thermo Fisher, which makes scientific instruments and laboratory supplies, was formed by Thermo Electron's $10.6 billion acquisition of Fisher Scientific International last year (MDD, Nov. 10, 2006). As a condition for approving the transaction, the FTC said the combined company would have to sell a division that makes high-performance centrifugal vacuum evaporators, or CVEs.

CVEs, used by pharma research labs, employ heat, a vacuum and centrifugal force to process large collections of molecules.

The company proposed earlier this year to sell the CVE assets to Riverlake Partners and MVC Capital, and the commission said Friday it has approved the transaction 5-0.