Stephanix SAS and Incepto Medical SAS reported signing a strategic partnership at the annual congress of the French association for female medical imaging (SIFEM) in Bordeaux. The companies are joining forces by way of a distribution agreement to improve the medical imaging available in France.
Telix Pharmaceuticals Ltd. will acquire Lightpoint Medical Ltd. in a $35 million deal that will expand its urology pipeline and bring in house a new surgery-focused unit. Under the terms of the deal, Telix of Melbourne, Australia, will pay Lightpoint $20 million up front and a further $15 million on achievement of certain development milestones. The up-front payment will be paid in equity, and the additional milestones will be payable in cash or equity, at Telix’s election.
After a licensing deal with Galvanize Therapeutics Inc., Energenx Medical Ltd. will develop and commercialize pulsed electric field therapies for chronic obstructive pulmonary disease (COPD) in Mainland China, Hong Kong, Taiwan and Macau, where there is a significant need. The deal could also be the basis for future exports out of China as Energenx develops its own products.
Becton, Dickinson and Co. (BD) agreed to sell its Surgical Instrumentation platform to Steris plc for $540 million in keeping with the company’s corporate strategy to simplify its product portfolio by 2025. The divestiture includes the V. Mueller, Snowden-Pencer and Genesis products as well as three dedicated manufacturing facilities. Steris will also pick up about 360 employees with the platform. The companies expect the all-cash transaction to close by Sept. 30, 2023, pending regulatory approval.
In the first five months of 2023, med-tech deal value is at the highest amount in recent years – up 128.219% from last year – while deal volume has decreased by 12.29%. Through May this year, 742 med-tech deals have raised a potential $5.38 billion, compared to 846 deals totalling $2.36 billion last year. The two recent years are vastly more than 2021, when through May there were 661 deals raising $386.69 million.
After winning a brutal proxy battle led by activist investor Carl Icahn, Francis deSouza suddenly resigned as CEO and as a member of the board of Illumina Inc. over the weekend. The company appointed General Counsel Charles Dadswell to serve as the interim CEO while it evaluates internal and external candidates for the position. DeSouza will continue in an advisory role until July 31.
Merit Medical Systems Inc. is making progress on its acquisition badge, with a $100 million purchase of assets from Angiodynamics Inc. following shortly on the heels of its acquisition of a catheter system from Bluegrass Vascular Technologies Inc. for $32.5 million. The acquisitions strengthen Merit’s position in the specialty dialysis devices market and are expected to boost the company’s revenues $13 million to $15 million through Dec. 31, 2023, and by $30 million on an annualized basis going forward.
Novo Nordisk A/S has entered into exclusive negotiations for a controlling stake in Biocorp SA, suppliers of Mallya, a Bluetooth-enabled smart add-on device for insulin pen injectors. The takeover will be phased over several stages. Novo Nordisk has initially negotiated with Bio Jag SAS, Biocorp’s principal shareholder, to purchase its entire stake in Biocorp, representing 45.3% of the share capital and 62.19% of the voting rights. Certain minority shareholders, including Nyenburgh Holding BV, Greenstock EIG and Vatel Capital SAS, who together account for 19% of Biocorp’s shares, have agreed to transfer their shares to Novo Nordisk once acquisition of the Bio Jag stake is complete.
Avacta Group plc has continued its growth through M&A strategy with the acquisition of Coris Bioconcept Sprl, a developer of rapid diagnostic test kits, for an up-front cash consideration of £7.4 million (US$9.3 million). The Coris deal comes on the back of its £24 million purchase of Launch Diagnostics Holdings Ltd last year, as Avacta works on building up its diagnostics division.
Freenome Inc. has acquired U.K.-based immunodiagnostics developer Oncimmune Ltd. for £13 million (US$16 million), in a move that bolsters Freenome’s frontline early cancer detection efforts. While Freenome has been largely focused on getting the U.S. FDA’s nod for its colorectal cancer test, Oncimmune already has a CE-IVD marked EarlyCDT Lung blood test, an autoantibody platform and an R&D pipeline of over seven cancer detection signals.
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