Three months after Intercept Pharmaceuticals Inc. received its second complete response letter for obeticholic acid to treat fibrosis due to nonalcoholic steatohepatitis, causing a mass layoff and the decision to drop development for the indication, Bologna, Italy-based Alfasigma SpA agreed to acquire the company for $19 per share in cash, or about $793.8 million.
At its Investor Day on September 20, Boston Scientific Corp. unveiled an ambitious long-range plan to become “the highest performing med-tech large-cap company” in terms of financial performance, sales growth, EPS, execution and talent retention.” That’s a notable step up from its 2021 goal of being just one of the top performers.
The U.S. SEC is settling insider trading charges against Nirdosh Jagota, former vice president of global regulatory affairs at Merck & Co. Inc., stemming from Merck’s $1.85 billion acquisition of Pandion Therapeutics Inc. in 2021.
With a bruising battle with its largest investor barely behind it, Masimo Corp.’s preliminary second quarter results came in nearly $100 million below consensus, putting management in an even tougher position now that it has two new investor-aligned board members. Share price plunged from $147.16 to $110 following the after-hours announcement on Monday. By the closing bell on Tuesday, shares had recovered modestly to $117.73.
The U.S. Federal Trade Commission (FTC) has proposed to expand the volume and type of information it will require of companies seeking to merge with competitors, a move the agency said is predicated in part on concerns about the influence of non-U.S. entities in American markets. Whatever one thinks of the justifications, this proposal would not only dramatically expand the volume of data required of those who propose to merge with other companies, but also add a large volume of work to agency staff at a time when the FTC is complaining that it lacks the resources to do its job.
Boston Scientific Corp., has announced that it has abandoned its plans to acquire M.I. Tech Co. Ltd., of South Korea after opposition was announced by the U.S. Federal Trade Commission (FTC). The FTC lauded the news with a May 24 statement that cited the agency’s cooperation with other national regulatory authorities as a factor in scotching the proposed acquisition, the second time in recent weeks that government agencies have grounded mergers and acquisitions in the med-tech space.
Medtronic plc agreed to acquire Eoflow Co. Ltd., the manufacturer of Eopatch, a tubeless, wearable and fully disposable insulin delivery service, for $738 million. The deal, which is expected to provide a significant boost to Medtronic’s beleaguered diabetes unit, is slated to close in the second half of 2023. The deal announcement coincided with Medtronic’s release of its fourth quarter results for fiscal 2023.
Grand Pharmaceutical Group Ltd. plans to acquire an 87.5% stake in Blackswan Vascular Inc., a company that develops liquid embolism for peripheral vascular applications, as it continues to expand its footprint in tumor intervention.
Baxter International Inc. agreed to divest its Biopharma Solutions (BPS) business to private equity firms Advent International and Warburg Pincus for $4.25 billion. Baxter expects to net approximately $3.4 billion from the transaction, which it will use to pay down debt. The deal is anticipated to close in the second half of 2023.
