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Invitae Corp. (NYSE:NVTA) saw its stock flying high June 22 on the news of its agreement to buy Archerdx Inc., with an eye toward enhancing cancer genetics and precision oncology. Investors appear to approve of the deal, with the company’s stock closing at $27.05, up $8.34 or 44.58%.
Tech giant Google LLC is taking aim at the Apple Watch with its plan to acquire wearables pioneer Fitbit Inc., of San Francisco, for $2.1 billion, or $7.35 per share, in an all-cash transaction expected to close sometime next year.
Stryker Corp. is making another big buy, this time picking up Wright Medical Group NV, of Amsterdam, for a total enterprise value of about $5.4 billion. The deal is expected to close in the second half of 2020, and its value exceeds Stryker's previous large deal – that of Leesburg, Va.-based K2m Group Holdings Inc. in 2018 for $1.4 billion.
Angiodynamics Inc., of Latham, N.Y., is picking up Rehovot, Israel-based Eximo Medical Ltd. for $46 million up front and up to $20 million of contingent consideration related to certain technical and revenue milestones. Eximo offers laser atherectomy technology that is in a limited launch.
Lantheus Holdings, of North Billerica, Mass., has entered a deal to acquire New York-based Progenics Pharmaceuticals Inc., which develops medicines and other technologies to target and treat cancer. "This transaction leverages our core capabilities, including proven commercial and operational expertise while diversifying our revenue stream by broadening our presence in emerging uses of radioisotopes in precision diagnostics as well as the exciting field of radiopharmaceuticals in oncology treatment," Lantheus President and CEO Mary Anne Heino said on a call related to the deal.
BOSTON – What are companies doing to be successful in the current environment of med-tech M&A valuation? That question was posed to panelists from three top device makers during the Medtech Conference Tuesday morning. Specifically, the panel, which featured representatives from New Brunswick, N.J.-based Johnson & Johnson, Medtronic plc and Boston Scientific Corp., looked at overall valuations across the sector, as well as what it takes to produce a successful M&A strategy.
Baxter International Inc. has struck a definitive agreement to acquire Cheetah Medical Inc., a provider of noninvasive hemodynamic monitoring technologies. The Deerfield, Ill.-based company agreed to pay $190 million up front in cash, with the potential for an additional $40 million based on clinical and commercial milestones.
Stryker Corp., of Kalamazoo, Mich., is continuing its string of buys, this time scooping up Shirley, Mass.-based Mobius Imaging LLC, which focuses on point-of-care imaging technology, and its sister company, Cardan Robotics. In an all-cash transaction, Stryker will pay about $370 million up front and up to $130 million of contingent payments associated with development and commercial milestones.
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