Advanced Neuromodulation Systems (ANS; Dallas, Texas) has agreed to acquire the pain management business of Sun Medical (Arlington, Texas), a specialty medical device distributor and ANS's largest distributor. The transaction, which is structured as an asset purchase, is subject to approval by Sun Medical shareholders. The deal value and other terms were not announced. ANS manufactures implantable systems used to manage chronic intractable pain and other disorders of the central nervous system.
Colorado MEDtech (Boulder, Colorado) has entered into a definitive agreement to sell the company to CIVCO Holding, an entity controlled by KRG Capital Partners (Denver, Colorado) and its affiliated funds. Colorado MEDtech shareholders will receive cash for each share of common stock owned, equal to $62.5 million in the aggregate, plus Colorado MEDtech cash at the time of closing, divided by the number of shares outstanding (currently about 13.3 million). Based on this formula, the company estimates that the closing proceeds to be paid to Colorado MEDtech shareholders will be in the range of $4.50 to $5 a share. A subsidiary of CIVCO Holding will be merged with and into Colorado MEDtech, with Colorado MEDtech continuing as a private corporation. The transaction, subject to shareholder approval and customary closing conditions, is expected to close by June 30. Colorado MEDtech, through CIVCO Medical Instruments, becomes a manufacturer of medical devices and equipment for the ultrasound and minimally invasive OEM and end-user markets.
Guidant (Indianapolis, Indiana) has signed a definitive agreement to buy certain assets of Biosensors International's (Singapore) everolimus-coated stent program for $20 million in cash, plus potential milestone payments and royalties. Guidant previously acquired an exclusive worldwide license for the drug evirolimus from Novartis Pharma AG (Basel, Switzerland) for use in drug-coated stents, and now it will have a second platform technology to back up its internal program. Guidant said the acquisition of the Biosensors technology, together with results from a recent clinical trial, could allow it to accelerate commercialization of an evirolimus-coated stent outside the U.S. Guidant also entered a definitive agreement to acquire X Technologies (Tustin, California/Yavne, Israel), a privately held company that manufactures the FX miniRAIL, a coronary device for the treatment of de novo lesions and in-stent restenosis. Details of the transaction were not disclosed.
Integra LifeSciences (Plainsboro, New Jersey) has acquired Jarit Surgical Instruments (Hawthorne, New York) for about $44.5 million in cash, subject to certain adjustments. Jarit markets a variety of surgical instruments for use in both traditional and minimally invasive surgery, Integra said, "in virtually all surgical disciplines ... at more than 5,200 hospitals and surgery centers worldwide." Howard Jamner, current president of Jarit, will serve as chairman of Jarit Surgical Instruments, and Robert Rogowski will be promoted to president. Integra LifeSciences manufactures medical devices, instruments, implants and biomaterials primarily used in the treatment of cranial and spinal disorders, soft tissue repair and orthopedics.
Orthofix International (Huntersville, North Carolina) said it will acquire the remaining minority interest in its UK distribution company, Intavent Orthofix Ltd. (IOL). Orthofix will purchase the 48% shareholding from Intavent Ltd., the only other shareholder in IOL, for $20.45 million in cash. Orthofix said it would use cash on hand to complete the purchase.
Quest Diagnostics (Teterboro, New Jersey) reported that it successfully completed the cash tender offer for all of the outstanding $100.8 million 12-3/4% senior subordinated notes, due 2009, of Unilab (Tarzana, California). As of the early March expiration date, 100% of the senior subordinated notes had been validly tendered. The total consideration, which was paid to holders who tendered their notes during the consent period, was $1,229.64 per $1,000 face value, while the tender offer consideration, which was paid to noteholders who tendered after the end of the consent period, was $1,199.64 per $1,000 face value. Quest Diagnostics completed the acquisition of Unilab on Feb. 26.
SpectRx (Norcross, Georgia) said it has sold its BiliChek Non-invasive Bilirubin Analyzer product line and related assets to Respironics (Murrysville, Pennsylvania). Respironics had previously been the exclusive U.S. licensee and distributor of the product line. The base cash purchase price is $4 million, with an additional $1 million to be paid based upon completion of product development work already under way, and up to an additional $6.25 million to be paid in royalties and earn-out payments over the next five years, based upon the achievement of certain operating results. SpectRx said proceeds from the sale will go to fund the expansion of its growing SimpleChoice diabetes product line and the development of a continuous glucose monitor.
TLC Vision (Toronto, Ontario) reported that it has completed the acquisition of American Eye Instruments (AEI; Gold Beach, Oregon). Financial terms of the deal were not disclosed. AEI, a privately held company co-founded by John Reslock, OD, and John Rush, OD, brings together optometrists, ophthalmologists and community hospitals to offer patients access to surgical eye care in 12 states.