The Cooper Companies (Lake Forest, California) reported that Coopersurgical (CSI) its women's health care unit, has completed the acquisition of Norland Medical Systems' (White Plains, New York) bone densitometry business. Cooper paid $3.5 million at closing, net of $1.5 million held back against representations and warranties, and may pay additional amounts not to exceed a maximum purchase price of $12 million, based on performance over the next three years. CSI plans to maintain operations at the Norland facility in Fort Atkinson, Wisconsin, and will continue to use the Norland brand name. Norland's densitometry products, which are used in the evaluation of osteoporosis, had sales of $8.5 million in 2001. CSI has distributed these products since November 2000.
Digital Angel (St. Paul, Minnesota) and Medical Advisory Systems (Owings, Maryland) reported completing their merger, with the combined company to be called Digital Angel. Prior to the merger, Digital Angel was a subsidiary of Applied Digital Solutions (ADS; Palm Beach, Florida). ADS now owns about 82% (19.6 million shares) of the outstanding shares of the combined entity. The company said the merger "brings together the unique capabilities of Digital Angel — the first-ever combination of advanced biosensor technology and e-enabled wireless telecommunications linked to global positioning systems — and Medical Advisory Systems, which operates a 24/7 physician-staffed call center with an FDA-compliant data storage facility." Randolph Geissler, CEO of Digital Angel, has become CEO of the combined company.
DuraVest (Montreal, Quebec) said it has agreed to acquire all outstanding stock of Cardio Management Systems (CMS) in exchange for 5 million shares of DuraVest's common stock. The acquisition is conditional upon DuraVest being able to complete the deal without becoming an investment company under the U.S. Investment Company Act of l940. CMS, a privately held Canadian firm, owns a 26% interest in Estracure (Quebec City, Quebec), another privately owned company, and holds an option to acquire another 23% interest. Under arrangements with the Montreal Heart Institute (Montreal, Quebec), Estracure holds the rights to a process it believes will be effective in reducing restenosis following angioplasty by using a natural, non-toxic, hormone-based product called Estradiol, applied either through the coating of a stent or through a catheter. Estracure is beginning clinical trials of Estradiol using funds furnished by Cardio. If the trials are successful, Cardio has the option to purchase another 23% of Estracure. If the option is to be exercised, either Cardio or DuraVest will have to raise additional capital of approximately C$5million.
GE Medical Systems Information Technologies (GEMSIT; Milwaukee, Wisconsin) said it has completed the acquisition of the MedicaLogic (Hillsboro, Oregon) business, a developer of electronic medical records for outpatient care, for $35.25 million in cash. The product offering from MedicaLogic enables GEMSIT to expand its electronic medical record technology, called Centricity Enterprise, beyond hospitals and into outpatient care settings, the company said.
Medtronic (Minneapolis, Minnesota) reported completing its acquisition of VidaMed (Fremont, California), manufacturer of the TUNA (transurethral needle ablation) system for treating benign prostatic hyperplasia (BPH), a non-cancerous condition, usually referred to as enlarged prostate. Medtronic previously held a minority interest in VidaMed. Vidamed will become part of Medtronic's urology business. The non-surgical TUNA system delivers low-level, precisely controlled radiofrequency energy into the prostate to ablate and diminish obstructing tissue.
Merge Technologies (Milwaukee, Wisconsin) said it signed a definitive agreement to acquire eFilm Medical (Toronto, Ontario), a privately held company that develops and markets medical imaging and information workflow products. The transaction is priced at 1 million shares of Merge common stock and is subject to closing conditions. Merge Technologies is developing an integrated health care enterprise.
Ocular Sciences (Concord, California) has completed the acquisition of certain assets of Seiko Contact Lens (Tokyo), Ocular's distributor in Japan, in a deal valued at about $21 million. The Seiko assets Ocular is acquiring include receivables, inventory, fixed assets and intangibles that Ocular plans to integrate into its existing OSKK subsidiary in Japan.
Respironics (Pittsburgh, Pennsylvania) reported completing its purchase of Novametrix Medical Systems (Wallingford, Connecticut), a cardiorespiratory monitoring company that will now become a subsidiary of Respironics. Combined revenues of the two companies totaled approximately $502 million. The tax-free, stock-for-stock transaction was valued at about $85 million, with Novametrix stockholders receiving .2541 shares of Respironics common stock for each share of Novametrix common stock. Respironics is focused on home care, hospital and international markets, providing programs that manage sleep-disordered breathing, chronic obstructive pulmonary disease, asthma, allergies and sinusitis, infant jaundice and apnea, heart failure and restrictive lung disorders.