A Medical Device Daily
ResMed (San Diego) reported that it has entered into a definitive agreement to acquire Saime (Temple, France), a developer and distributor of ventilation products in France and Germany.
ResMed has agreed to acquire Financiere ACE, the holding company for Saime and its affiliates, for an enterprise value of about EUR 86 million ($110.22 million), consisting of about EUR 40 million in equity and EUR 46 million in net debt.
ResMed said it expects to finance the acquisition with a combination of existing cash reserves and debt.
The acquisition is expected to close this month, with an insignificant impact on earnings for fiscal 2005, the company said.
“The acquisition of Saime will complete our line of homecare ventilation products and immediately expand our market presence and distribution network in Europe and other regions,” said Peter Farrell, PhD, ResMed’s chairman and CEO. “The VS and Elisee range of products are sophisticated, yet easy to use for physicians, clinicians, and patients. We believe these devices will complement our VPAP III and AutoSet CS devices and will allow us to provide the full range of options for patients who need ventilatory assistance.”
ResMed and Saime have had a longstanding relationship since 1996, when ResMed bought its original French sleep therapy distribution assets from the Saime group. Since its formation in 1987, Saime has developed a complete range of ventilators for use in the home and hospital markets.
ResMed is a manufacturer of medical equipment for the treatment and management of sleep-disordered breathing and other respiratory disorders.
Theragenics (Buford, Georgia), manufacturer of the TheraSeed palladium-103 device, said it would host a conference call today to discuss its acquisition of CP Medical (Portland, Oregon), a manufacturer of sutures, cardiac pacing cables, brachytherapy needles/spacers and related medical products sold in the professional surgical and veterinary fields, which was scheduled to close this past Friday.
The deal, first disclosed late last month (Medical Device Daily, April 28, 2005), calls for Theragenics to pay about $19.15 million in cash, using cash on hand, it said, and issue more than 1.88 million shares of stock valued at around $6.25 million, for a total consideration of some $25.4 million.
In the deals delayed category, Medicis (Scottsdale, Arizona) and Inamed (Santa Barbara, California) reported that they have received a request for additional information from the Federal Trade Commission (FTC) regarding the proposed merger between the companies. The information request concerned antitrust issues associated with their proposed merger.
The effect of the second request is to extend the waiting period until 30 days after the companies have substantially complied with the second request, unless that period is extended voluntarily by the parties or terminated sooner by the FTC.
The companies said they intend to respond promptly to the information request and continue to expect the transaction to close by the end of calendar 2005.
The companies first disclosed their intention to merge in March in a deal valued at nearly $2.8 billion (MDD, March 22, 2005). The value of the deal may have been weakened with an April FDA panel turndown for Inamed’s silicone-filled breast implants after a 12-year ban on such products. The following day, competitor Mentor (also Santa Barbara) unexpectedly earned an approval for its silicone breast implants from the same panel.
Medicis is focused primarily on the treatment of dermatological and podiatric conditions and aesthetics medicine.
Inamed’s current products include breast implants for aesthetic augmentation and for reconstructive surgery; a range of dermal products to treat facial wrinkles; and minimally invasive devices for obesity intervention, including the Lap-Band system for morbid obesity.