Urological device maker American Medical Systems Holdings (AMS; Minnetonka, Minnesota) reported that it has agreed to acquire Ovion (San Mateo, California), a company focused on the development of a transcervical sterilization technology not yet approved for sale. The transaction is made up of a $10 million initial payment, potential clinical trial and regulatory milestone payments of $20 million and a contingent payment equal to net sales for a 12-month period after commercialization. The founders of Ovion will receive a 2% royalty related to their initial technology contribution to the company. Closing of the transaction is subject to customary conditions and a right of first refusal held by Conceptus (Redwood City, California), a right Conceptus obtained in a previous intellectual property settlement with Ovion. Assuming completion of all final requirements, the deal is expected to close in the third quarter.
Boston Scientific (Natick, Massachusetts) reported completing the final phase of its acquisition of Rubicon Medical (Salt Lake City), manufacturer of the Rubicon Filter designed for the capture and removal of dislodged embolic material downstream from a blockage in the bloodstream. Boston Scientific previously completed a cash tender offer for any and all outstanding common stock of Rubicon on June 1. The tender offer was followed by the merger of Nemo I Acquisition, a wholly owned subsidiary of Boston Scientific, with and into Rubicon on June 14. Following the merger, Rubicon became a wholly owned subsidiary of Boston Scientific.
Danaher (Washington) reported signing an agreement to acquire Pelton & Crane (P&C; Charlotte, North Carolina/Newberg, Oregon), a provider of dental equipment, for about $85 million in cash. P&C makes dental equipment, including treatment units, lights, sterilizers and cabinetry for dental professionals. Assuming the completion of various approvals, the deal is expected to close in the third quarter.
Essilor (Charenton-Le-Pont, France) said it has signed an agreement with Johnson & Johnson Vision Care (Jacksonville, Florida) to acquire that company's ophthalmic lens business, the Spectacle Lens Group. The transaction is subject to approval by U.S. antitrust authorities and is expected to close in 3Q05.
Johnson & Johnson (J&J; New Brunswick, New Jersey) completed its acquisition of Closure Medical (Raleigh, North Carolina), a developer of biomaterial-based devices. The acquisition, first unveiled in early March is a cash-and-stock deal valued at about $370 million, with Closure shareholders receiving $27 for each outstanding Closure share held. Closure is expected to operate as a stand-alone unit reporting through J&J's Ethicon (Somerville, New Jersey) unit, with which Closure has worked since 1996 on the development of topical adhesives, J&J said. Closure develops a number of medical adhesives and delivery devices based on a medical-grade cyanoacrylate technology for specific applications in wound care and wound closure.
NuVasive (San Diego), a company focused on developing products for minimally disruptive surgical spine treatments, acquired the intellectual property and related assets for a cervical plate technology from privately owned RSB Spine. NuVasive will pay $5.5 million in cash and 222,929 shares of its common stock or about $9 million based on NuVasive current stock price. In addition, RSB will receive annual milestone payments for the life of the acquired patent, based on sales. NuVasive said that the acquisition provides it with FDA-cleared cervical plate technology first commercialized in 2004. The agreement grants NuVasive the right of first refusal on all additional existing technologies and any future technology that may be developed by RSB Spine during the next five years, such as enhancements to the gradient locking technology and other products that would be complementary to the acquired technology.
Roper Industries (Duluth, Georgia) reported that it has acquired medical products provider Civco Medical Instruments (Kalona, Iowa), from KRG Capital Partners for $120 million in cash. Civco supplies diagnostic and therapeutic disposable products used in conjunction with ultrasound imaging for minimally invasive procedures primarily in urology, radiology and cardiology. Civco recently introduced the Civco Assist product line, a surgical patient platform used across several imaging modalities. Civco joins Roper's Imaging segment, with Roper saying that this enhances its focus on life science and medical applications. Civco's senior management team, under the leadership of Charles Klasson Jr., president, will continue in their positions under Roper's ownership.
Siemens Medical Solutions Ultrasound Division (SMSUD; Mountain View, California) said it has agreed to acquire Sensant (San Leandro, California) for an undisclosed amount. The company said this acquisition will allow it to develop advanced capacitive microfabricated ultrasound transducer (CMUT) technology and commercialize next-generation transducers based on the technology. The new CMUT technology is expected to offer what the company said is "superior and efficient volumetric 4-D imaging for a wide range of applications."