Bio-Imaging Technologies (Newtown, Pennsylvania) has purchased the Intelligent Imaging business of Quintiles Transnational (Research Triangle Park, North Carolina). Intelligent Imaging specializes in providing digital medical imaging services for clinical trials and the health care industry. Financial terms were not disclosed. All of Quintiles' Intelligent Imaging employees became employees of Bio-Imaging as part of this transaction. Intelligent Imaging's services include image data management, data translation and digitization for submission of medical image data to the FDA and clinical sponsors using interactive software. The business unit's technology supports a wide variety of medical information, X-rays, magnetic resonance imaging, computed tomography, nuclear medicine, PET, ultrasound scans, and photographs. Bio-Imaging Technologies is a pharmaceutical contract service organization providing services that support the product development process of the pharmaceutical, biotechnology and medical device industries.
Boston Scientific (BSX; Natick, Massachusetts), which of late has appeared to be taking a breather from the hectic pace of it set for itself on the acquisition trail, is back at it. Boston Scientific, which does much of its business in the cardiovascular sector, last month signed a definitive agreement to acquire privately held RadioTherapeutics (RTC; Sunnyvale, California), a maker of radiofrequency-based interventional oncology devices. Terms of the acquisition, which is expected to close early next month, were not disclosed. If completed, it will be Boston Scientific's seventh acquisition this year. RadioTherapeutics manufactures the Radiofrequency Ablation System, used by interventional radiologists and surgical oncologists to ablate inoperable liver lesions. BSX said it expects to investigate use of RTC's technology for the ablation of lesions in other soft tissue such as the lung or kidney.
NMT Medical (Boston, Massachusetts) has sold assets comprising its vena cava filter business to C.R. Bard (Murray Hill, New Jersey). In exchange for these assets, NMT will receive $27 million in up-front cash payments, of which $8.5 million was paid at closing and the remainder will be paid on or about Jan. 2, 2002. NMT will receive up to an additional $7 million in cash upon the achievement of certain NMT performance and delivery milestones. In addition to these cash payments, NMT will receive ongoing royalty payments from Bard on sales of vena cava filter products and will continue to manufacture the product for an interim period of time. With the proceeds from the sale, NMT repaid in full its senior subordinated debt to Whitney & Co. in the aggregate amount of approximately $4.5 million. In addition, NMT paid $2.25 million and issued 40,000 shares of its common stock to the Beth Israel Deaconess Medical Center in exchange for an assignment of all of Beth Israel's rights with respect to the technology underlying the vena cava filter business and a general release of claims. NMT and Dr. Morris Simon, a member of the board of directors of NMT, have exchanged letters disputing, among other things, rights to royalty payments relating to the sale of products in the vena cava filter business. In this correspondence, the parties have indicated an intention to arbitrate these disputes but no hearings have been scheduled to date. NMT Medical makes medical devices that use advanced technologies and are delivered by minimally invasive procedures. It is comprised of cardiovascular and neuroscience business units.