A Medical Device Daily
Neuroscience Therapy (Las Vegas, Nevada) reported that it has received an intent to purchase the company – by a party it did not name – for $50 million, minus various fees.
Neuroscience said it anticipates close of the deal within 10 days “of mutual acceptance and final legal due diligence on the parts of both respective firms,” with the closing period not to be extended beyond 30 days.
The deal will include purchase of all Neuroscience stock, $10 million held in trust until all stock is delivered and patent owners agreeing to a reasonable price for its patents prior to fund disbursement. The price of the patents will be taken from working capital, $35 million to be injected after closing.
Neuroscience holds the rights to a technology to relieve pain, its portfolio consisting of the P-Stim Electro Stimulation Device and the Multi-Point Stylus.
Neuroscience's operations are located in Southern California.
Pelican Life Sciences (Charlotte, North Carolina) re-ported completing the acquisition of Continental Lab-oratory Products (CLP; San Diego), PGC Scientifics (PGC; Frederick, Maryland) and Kemp Biotechnologies (Frederick, Maryland). Financial terms were not disclosed.
Founded in 1989, CLP manufactures disposable fluid-handling plastics, reagents and instrumentation used in molecular biology research. It has ISO-certified operations in Baja, Mexico, with distribution facilities in San Diego; Charlottesville, Virginia; and Northampton, UK.
PGC manufactures molecular biology and scientific product “niche” consumables for academic, government and biotech research. Included with the acquisition of PGC is its manufacturing subsidiary, Labcor Products (Frederick).
Founded in 1992, Kemp supports laboratory research by providing expertise in cell culture, protein expression and protein purification on a contract basis. Through its subsidiary, GeneChoice (Frederick), Kemp provides molecular biology reagents and kits.
“These three new acquisitions combined with our acquisition of PML Microbiologicals [Wilsonville, Ore-gon] in December of 2005, form a solid foundation for Pelican Life Sciences,” said CEO Bill Baugh. “Pelican Life Sciences now holds a molecular biology platform and a microbiology platform and we plan to make significant investments in each of these companies to accelerate product development and enhance growth opportunities.”
Pelican is focused on microbiology, molecular biology and non-commodity, specialty consumables and is backed by $100 million in equity capital commitments.
In other dealmaking activity,General Electric (Fairfield, Connecticut) on Monday reported that it will acquire 186 nursing homes from Formation Capital for $1.4 billion.
The properties, contained in six senior housing portfolios, contain 21,000 beds with 90% average occupancy. Half of the properties are in Florida, the rest in 20 other states.
GE Healthcare Financial Services said the current providers would continue to manage the properties under long-term leasing agreements.