Exo Inc. acquired Medo Dx Pte, an artificial intelligence (AI) developer, to make its point-of-care ultrasound imaging even easier to use. Medo brings two FDA-cleared artificial intelligence algorithms that draw on a library of millions of ultrasound images and health data to expand the settings for ultrasound and the reduce the expertise required for its use. Terms of the deal were not disclosed.
Illumina Inc.’s acquisition of Grail Inc., of Menlo Park, Calif., may or may not prove to be a case of jumping the regulatory gun, but the move to date has not racked up significant financial penalties for the company. That may soon change per a statement by the European Commission, which said that Illumina may find itself on the receiving end of “hefty fines,” a statement made by EC executive vice president Margrethe Vestager.
SD Biosensor Inc. and SJL Partners LLC plan to take Meridian Biosciences Inc. private in a $1.53 billion cash deal reached after four months of negotiation. Meridian shareholders will receive $34 per share, which represents a premium of 32% on the share price at market close on March 17, the day before SDB and SJL first presented an offer to buy the company. On July 7, the proposed price was a 16% premium based on the one-month average price per share of Meridian’s common stock.
The U.S. Federal Trade Commission (FTC) affirmed its proposed order to force Intersect ENT Inc., of Menlo Park, Calif., to divest itself of Fiagon AG before Dublin-based Medtronic plc., can complete its acquisition of Intersect. The announcement comes as no surprise, but serves as a reminder that the FTC is standing by previous threats to tightly control the mergers and acquisitions market in the U.S., a policy stance that has been duplicated in the European Union.
Pfizer Australia Holdings Pty Ltd. has revised its offer to acquire digital health company Resapp Health Ltd. after results from an independent data confirmation study of its COVID-19 algorithm failed to meet Pfizer’s required sensitivity and specificity results.
Medical device and analytics company Trajan Group Holdings Ltd. completed an AU$29.7 million (US$20.7 million) placement to fund the acquisition of Louisville, Kentucky-based Chromatography Research Supplies Inc.
Boston Scientific Corp. signed an agreement to purchase a majority stake (64%) of M.I. Tech Co. Ltd. for $230 million. The publicly traded Pyeongtaek South Korea-based company manufactures device solutions used in endoscopic and urologic procedures. Boston Scientific has distributed M.I. Tech’s Hanarostent non-vascular stent in Japan since 2015. The deal marks Boston Scientific’s first acquisition of the year, following a busy spending spree in 2021.
Pediatric orthopedics company Orthopediatrics Corp. has signed a $33 million deal to buy competitor Pega Medical Inc. As part of the deal, Orthopediatrics will acquire Pega’s Fassier-Duval telescopic intramedullary system. The implant is designed to treat bone deformities in children with osteogenesis imperfecta. Orthopediatrics will pay a $31 million upfront cash payment plus $2 million in stock – which includes certain restrictions for three years.
Numerous life sciences firms are targeting digital health and diagnostic companies for take-outs and licensing deals, placing the med-tech industry in a strong position in 2022.
Medtronic plc and Davita Inc. have agreed to form a new company focused on therapies for renal disease, which will require Medtronic to donate its current kidney care business to the new company. Davita in turn would have to produce $75 million in cash and another $25 million in other assets, but would also have to make as much as $300 million in other payments, depending on the accomplishment of certain milestones. The news comes as Medtronic reports mildly disappointing sales results for the company’s fourth quarter while opening a new front in the two companies’ presence in the renal disease space.
