Medical Device Acquisitions from Elsevier Business Intelligence

[Conceptus] buys fellow MIS product company [Microgyn]

Fri, 01 Nov 1996 00:00:00 -0400

[Conceptus] (minimally invasive surgical products for the female reproductive system) has bought [Microgyn], a privately-held company developing products used in hysterectomy procedures, in a combined stock/cash transaction. Microgyn filed a 510k application last June for its lead product, the {Continuous-flow Isotonic Solution System} which allows the use of isotonic or physiologic fluids during hysteroscopic procedures (a less invasive form of hysterectomy) as opposed to the currently-used hypotonic fluids. Hypotonic fluids can cause serious complications if they are absorbed. Conceptus, which is concentrating on developing surgical products for fallopian tube disorders, said it is acquiringMicrogyn to broaden its product line.

[Respironics] buys [Lifecare] for $50mm

Tue, 01 Oct 1996 00:00:00 -0400

[Respironics] (hospital and home respiratory products) acquired [Lifecare] (Colorado-based maker of portable ventilation therapy products) for $50mm. Lifecare had sales of $33.1mm last year, one-fourth of those sales from international markets. It has an office in Munich, Germany with a staff of 35, which will add to Respironic's European base. Respironics said Lifecare's products,which hold the world's leading market share in the portable volume ventilator category, are a good fit with its line of non-invasive ventilatory support products. Lifecare's products include the {PLV-100} and {PLV-102} ventilators, used for patient life support, and also a line of portable oxygen concentrators. The former president of Lifecare, Geoffrey Waters, will service as VP, Customer Satisfaction of Respironics.

[J&J] buys BPH laser designer [Indigo]

Tue, 01 Oct 1996 00:00:00 -0400

[Johnson & Johnson]'s [Ethicon Endo-Surgery] has acquired [Indigo Medical], a private company in Palo Alto that markets diode laser systems for urological use. Indigo's non-invasive laser is marketed in Europe for treating benign prostatic hyperplasia and awaits FDA approval for that indication (it is already sold in the US for general urology). J&J had been an investor in Indigo since helping finance the company's founding in 1990.

[Physician Sales] buys radiology distributor [Diagnostic Imaging]

Sun, 01 Sep 1996 00:00:00 -0400

[Physician Sales & Service] Inc. (large distributor of supplies, equipment, and medicines to office-based doctors) will acquire [Diagnostic Imaging Inc.] (radiology and imaging distributor) for total consideration of just over $19mm. PSS will give common stock valued at $13mm and assume $6.2mm of DII's debt. DII reported revenues of $58mm for 1996 but was losing money. The company distributes radiology and imaging equipment, chemicals, and supplies, and provides technical service to the acute and alternate site markets through 13 locations in five states. PSS said it plans to be aggressive in acquiring other firms in DII's niche; the radiology and imaging sector is worth over $4bn and is served now by o450 distributors.

[Nellcor] buys [Aequitron] in $61mm stock swap

Sun, 01 Sep 1996 00:00:00 -0400

[Nellcor Puritan Bennett] (respiratory devices) has bought [Aequitron] (electronic respiratory products and devices that aid the physically handicapped) in a stock swap valued at about $61mm. The exchange ratio is 0.432 Nellcor common share for each Aequitron share, subject to change based on Nellcor's price prior to closing and subject to a maximum of 0.440. Nellcor wants to add what it believes to be the leading portable ventilators in the market to its own ventilator products, after which it will have the broadest line in the industry. Aequitron, which had sales last year of $38.5mm, makes ventilators for both home and hospital use, as well as wheelchair lifts and automobile hand controls for people with mobility challenges.

[Thermo Electron] acquires [Medical Data Electronics] for $37.5mm

Thu, 01 Aug 1996 00:00:00 -0400

[Thermo Electron] has acquired patient monitoring systems manufacturer [Medical Data Electronics] for $37.5mm in cash. MDE, which offers a line of portable multiparameter monitors, telemetry monitors, and patient data simulators, had sales of $34mm in 1995.

[Zimmer] buys [Anspach]'s head/face bone fixation segment

Thu, 01 Aug 1996 00:00:00 -0400

[Bristol-Myers Squibb]'s orthopedic company, [Zimmer] has purchased from medical instruments maker, [The Anspach Effort], its craniofacial fracture management business segment, which makes tiny devices used mainly for fixation of bones in the head. The product line, formerly called {Anspach Fixation Systems} but now to be marketed in the US and abroad under the Zimmer name through its orthopedic implant division, includes micro-sized titanium plates and screws that are used in craniofacial/maxillofacial and neurological bone reconstruction. Zimmer already claims the industry's broadest offering in fracture management and has a sales force of 500. It says it hopes to expand the application of the small-size, low-profileAnspach devices to other trauma subspecialties that involve small bone fixation, such as hand and foot surgery.

[Medtronic] buys [Draeger Medical]'s sensor business

Thu, 01 Aug 1996 00:00:00 -0400

[Medtronic] (implantable and invasive medical products) will buy the sensors business unit of [Draeger Medical Electronics], of the Netherlands. The unit offers two product lines, both compatible with external patient monitoring equipment. {Microtransducer} catheters are for neurological, cardiovascular or urodynamic applications. The {Ventcontrol MTC} is placed directly in the brai, allowing continual drainage of fluid and simultaneously monitoring intracranial pressure. Earlier this year, Medtronic bought [InStent] (makes self-expanding and balloon-expandable stents) and [AneuRx] (endovascular stented graft and itselivery system).

[CR Bard] buys vascular surgical company [Impra]

Thu, 01 Aug 1996 00:00:00 -0400

[CR Bard] will buy privately held [Impra] (vascular surgical product) in a $143mm cash transaction which is expected to close this quarter. Impra, which was founded in 1994, is located in Tempe, AZ and offers over 260 products to the vascular surgeon marketplace. Bard will consolidate its own vascular product line at the Tempe location. Through this acquisition, Bard will strethen its cardiovascular business, a key franchise for the company and currently a favorite in the market. The company said it was especially attracted to Impra's R&D efforts in vascular grafts and endovascular technology. Impra had FY1995 revenues of $49mm.

[Advanced Medical] acquires [Ivac] for $400mm price tag

Thu, 01 Aug 1996 00:00:00 -0400

In an effort to more strategically compete among intravenous infusion therapy product manufacturers, [Advanced Medical] will acquire [Ivac Medical Systems] for $400mm in cash and merge it with its subsidiary [Imed]. Advanced Medical will finance the acquisition and transaction costs through $315mm of bank debt, $125mm of subordinated notes and $40mm of common equity. Ivac's president and CEO will become president and CEO of Advanced Medical, and Advanced Medical's president will assume the position of EVP & CFO of the merged company. The companies will combine product lines and significantly increase their market share to approximately 40%, making them a viable competitor against the larger, more dominant players in infusion therapy and technology-based drug delivery devices, [Baxter] and [Abbott]. Ivac considered going public, but chose to sell the company.

[US Surgical] launches $227mm hostile bid for [Circon]

Thu, 01 Aug 1996 00:00:00 -0400

[US Surgical] has bid $18 a share for the 12.6mm outstanding shares of endoscope manufacturer [Circon] in a hostile takeover attempt. The $18 price represents an 83% premium over the average Circon trading price for the 10 days preceding the offer. Though Circon has rejected the bid, US Surgical reported having gained control of 76% of the shares not owned by Circon management on Sept. 18. Circon posted revenues of $160.4mm for fiscal 1995.

[OrthoLogic] accquires rehab distributor [Sutter]

Mon, 01 Jul 1996 00:00:00 -0400

[OrthoLogic] (products to heal musculoskeletal tissues) signed a binding letter of intent to acquire [Sutter Corp.] (distributes orthopedic rehab products) from [Columbia/HCA Healthcare] for about $25mm cash. The managed care company had acquired Sutter in 1990 in a merger transaction. OrthoLogic and Sutter both market directly to orthopedic surgeons; together they will have a sales force of over 150. Sutter, which had 1995 revenues of about $30mm, has a specialty in continuous passive motion rehabilitation devices. OrthoLogic recently received an FDA warning letter regarding its marketing practices for its lead product, a bone growth stimulator; its other products address spinalfusion and fracture fixation.

[GEMS] will not sell PET operations to [Position]

Mon, 01 Jul 1996 00:00:00 -0400

[Positron] will buy [GE Medical Systems]' positron emission tomography (PET) development and production operations, including its cyclotron division based in Sweden, for $25mm cash plus 10% of Positron's common stock. The stock would be worth about $4-5mm at its current trading price of about $3.75 per share. GEMS also gets a three-year option to buy another 15%. Through a purchase and distribution agreement, Positron will make and both companies will distribute the GEMS {Advance} and {Quest} PET products. The addition of the large GEMS sales force will help establish Positron in international markets. GEMS will continue to provide service and application support to its installed base andto future PET installations. PET technology, in use for two decades, indicates chemical changes in the body related to metabolism, as well as producing structural images; it is used for early detection of cancer and for certain cardiology and neurology applications. GEMS's PET machines offer the high resolution advantageous in neurology and oncology. Its other modalities in diagnostic imaging are x-ray, MRI, CT, ultrasound, and nuclear imaging. Positron's focus is its {Posicam} line of PET devices, which provide the rapid imaging needed in cardiology.

[Protocol] acquires [Pryon] for carbon dioxide monitoring

Mon, 01 Jul 1996 00:00:00 -0400

[Protocol Systems] (patient monitoring) acquired all the equity of [Pryon Corp.] (capnography equipment) for 1.3mm shares of common stock (about 5.65 Protocol shares for each Pryon share), worth about $26.7mm at Protocol's current $20.50 trading price. Capnographs measure carbon dioxide concentration in a patient's respiratory gases, an early indication of circulatory, pulmonary, or metabolic distress. The deal gives the buyer new technology plus helps position it as a provider of OEM technologies for medical device makers--Pryon's sells its devices mainly to OEM customers such as [Nellcor Puritan Bennett], [Spacelabs], and [Marquette], which package them in their own instrumentation. Protocol's sales organization is also distributing the new subsidiary's standalone capnographs worldwide. Key Pryon personnel will stay on after the merger, and engineering, manufacturing, and OEM sales operations will continue at the Pryon facility as before.

[Essilor of America] buys [Duffens] optical labs

Mon, 01 Jul 1996 00:00:00 -0400

[Essilor of America] (glass and plastic optical lenses and anti-reflective coatings; subsidiary of Paris-based [Essilor International]) has acquired [Duffens Optical] of Topeka, KS, which operates 12 optical labs in midwestern and south central states. Duffens, which has about 550 employees, has long been a distributor of the EOA {Varilux} lens; it will still market Essilor and non-Essilor lenses; the company will retain its identity and continue business at its existing locations. One of its executives will join EOA as VP of marketing. Through acquisitions, EOA is building a network of optical labs; during 1996 it also bought [Omega Group] (Dallas), [Southern Optical] (Greensboro, NC), and [WOS Inc.] (Green Bay). (Source:EOA press release)

[Pfizer] acquiring [Vesta Medical] for less invasive GYN device

Sat, 01 Jun 1996 00:00:00 -0400

[Pfizer] agreed to acquire [Vesta Medical Inc.] of Mountain View, CA for its proprietary system for treating menorrhagia (abnormal menstrual bleeding). About a million women worldwide seek treatment yearly for the condition, which can disrupt normal activities and cause chronic anemia. Conventional therapy is performed under general anesthesia in an operating room and often requires hysterectomy (surgical removal of the uterus). The {VestaBlate} system is a less invasive method that uses only local anesthesia and is a doctor's office procedure. It involves catheter insertion, through the vagina, of an inflatable balloon that carries electrodes on its surface to electrosurgically remove just the endometrial tissue in the uterine lining. Vesta got IDE approval last fall to begin clinical trials. Pfizer's [Valleylab] unit, which specializes in systems that use radio-frequency energy to create and cauterize incisions, will take over manufacturing and marketing of Vesta's products.

[Target Therapeutics] buys [Interventional Therapeutics]

Sat, 01 Jun 1996 00:00:00 -0400

[Target Therapeutics] (MIS devices for neurological disorders) will acquire privately held [Interventional Therapeutics], a developer of vascular occlusion devices for neurovascular embolization, for an undisclosed amount of stock. IT's products include detachable silicon balloons used in treating fistulas and {Contour} embolization particulates. The transaction is being treated as a purchase, and Target will take a charge of over $10mm in its first quarter to account for it. According to Target's 1996 10K, the company closed the acquisition on 5/23/96 and swapped 331,000 Target shares of all of Interventional's outstanding shares. Target closed at $45.75 that day.

[DeRoyal] acquires [Lamedco] neonatal supplies company

Sat, 01 Jun 1996 00:00:00 -0400

[DeRoyal Industries] (manufacturer of a variety of medical supplies, equipment, and devices) acquired the assets of [Lamedco], whose main product lines are umbilical cord clamps and footprint systems for baby identification. Both companies are in the Knoxville, TN area. The Lamedco products will move to DeRoyal's critical care division. DeRoyal now offers about 30 neonatal care products. In business for over 20 years, it manufactures varied health care products such as unitized delivery systems, surgical accessories, orthopedic softgoods, orthotics, wound dressing, and computer software for hospitals.

Sterilization equipment leaders [Steris], [Amsco] merge

Wed, 01 May 1996 00:00:00 -0400

[Steris Corp.] (sterile processing systems) will merge with [Amsco International] (infection control products), issuing 0.46 Steris shares (14.7 million in total) for each Amsco share in a $660 million deal, based on Steris' Dec. 15 Nasdaq closing price. With the acquisition, Amsco President and CEO Richard Gilleland and Amsco director Russell Carson will join Steris' board of directors. The combined entity will have a sales and service force of over 1000 representatives in North America. Amsco posted revenues of $483 million for fiscal year 1994.

[Palomar] buys dermatology laser company [Tissue Technologies]

Wed, 01 May 1996 00:00:00 -0400

[Palomar Medical Technologies] (medical lasers) has acquired [Tissue Technologies] (cosmetic laser for removing face wrinkles) for 3mm Palomar shares valued at $34.5mm. TT already hasback orders for $20 million of its {Tru-Pulse} device, a CO2 laser system that has been approved for marketing. The {Tru-Pulse} sells for only $50,000, considerably less than other CO2 skin resurfacing lasers, so it should be attractive to doctors interesting in entering this area of cosmetic surgery. Now Palomar will be able to offer a complete range of cosmetic laser products: its ruby and copper vapor lasers are used for tattoo removal, skin lesion repair, and spider vein treatment. It also has developed a hair removal laser that is awaiting FDA 510k approval.

[Boston Scientific] buys [MinTec] for $70mm

Wed, 01 May 1996 00:00:00 -0400

[Boston Scientific] (interventional medical devices) has purchased [MinTec] (stent technology) for approximately $70mm in cash. BS already has a relationship with MinTec; the two companies have been working on the development of a bifurcated stent graft and delivery system for the endovascular repair of abdominal aortic aneurysms. BS will combine MinTec's proprietary stent technology with Meadox Medical's expertise in vascular grafts (BS purchased Meadox in November 1995 for $425mm) to develop devices for the endovascular market. MinTec has developed stent grafts for use in treating abdominal aortic aneurysms, peripheral aneurysms, and peripheral vascular occlusive disease.

[HemaSure] buys plasma pharmaceuticals unit from [Novo Nordisk]

Wed, 01 May 1996 00:00:00 -0400

[HemaSure] (blood filtration and inactivation of pathogens in donated blood) is buying the plasma products unit (pharmaceuticals made from plasma proteins) of [Novo Nordisk] for total consideration of about $22.8mm. HemaSure will pay $1.8mm (or, at its option, about 100,000 shares of common stock) in 1988 for raw materials acquired; $13mm for inventory ($4mm of that forgivable under certain circumstances); and a 1998 contingency payment of $8mm (cash or 440,000 shares) if specified conditions are met. HemaSure plans to expand its {SteriPath} blood pathogen inactivation technology for use in the pharmaceutical sector, using the estalished manufacturing facility it is acquiring in this deal to develop {SteriPath} for the manufacture of pharmaceuticals based on plasma, a $5bn market worldwide. It hopes both to sell the products and to license the technology to other manufacturers. {SteriPath} removes leukocytes, inactivates pathogens, and then removes the inactivation chemicals. HemaSure expects to file the Investigational Device Exemption for the system later this year.

[Genzyme] to acquire OR supplier [Deknatel] for $250mm

Wed, 01 May 1996 00:00:00 -0400

To establish a marketing presence for its recently-approved post-surgical adhesion products, [Genzyme] will acquire surgical products supplier [Deknatel Snowden Pencer] for $250mm in cash. DSP is the leading supplier of chest drainage products to the surgical market; its drainage products include {Pleur-evac} and {Thora-Klex}. The company also markets a full line of endoscopic and surgical instruments, and posted revenues of$95.3 million in 1995. Genzyme plans to close the acquisition by the end of June. It received US marketing approval for {Seprafilm}, its lead post-surgical adhesion preventing product, earlier this year and has launched it in Europe. A PMAfiled for a follow-on product, {Sepracoat}, will receive expedited FDA review.

[ThermoTrex]'s [Trex Medical] acquires [XRE Corp.] for $17mm

Wed, 01 May 1996 00:00:00 -0400

[Thermo Electron] unit [ThermoTrex]'s [Trex Medical] division has bought privately-held [XRE Corp.], a manufacturer of X-ray systems for coronary artery disease diagnosis, for $17mm. XRE posted revenues of $29.3mm for 1995. Trex noted that the addition of XRE to its Lorad and Bennett X-Ray diviosions, which focus on the breast imaging and general purpose x-ray markets, adds the ability to enter the $1bn market for imaging systems used in x-ray-guided interventional cardiology procedures.

[Summit Technology] acquires [Lens Express] for $32mm

Wed, 01 May 1996 00:00:00 -0400

[Summit Technology] (ophthalmic lasers) has acquired Florida-based mail order contact lens business [Lens Express] for about $32mm in stock. Summit issued 1.7mm shares of common stock (closed on NASDAQ at $18.875 the day of the deal's announcement) to complete the transaction. Lens Express, which will operate as a division of Summit, had earnings of $2.4mm on sales of $50.6mm for the fiscal year ended June 30, 1995.

[UroMed] acquires incontinence product from [Advanced Surgical]

Wed, 01 May 1996 00:00:00 -0400

[UroMed] has acquired the {Miniguard} patch, a foam pad that blocks leakage in women with mild to moderate stress incontinence, from the [Advanced Surgical Intervention Liquidating Trust] for $30mm in cash and stock. UroMed paid $7mm in cash and $23mm in stock to complete the transaction. The company noted that the acquisition complements its proprietary {Reliance} insert, another incontinence treatment product. The {Miniguard} patch was cleared by the FDA for marketing in May '96.

[Sola International] acquires [Neolens] for $16mm

Wed, 01 May 1996 00:00:00 -0400

Eyeglass lens manufacturer [Sola International] has definitively agreed to acquire [Neolens], a manufacturer of polycarbonate lenses, for $16mm in cash. Sola will pay $1.14 for each share of Neolens common stock (Neolens closed on the OTC Bulletin Board at $1.10 the day of the deal's announcement), $25.20 for each Series A convertible preferred share, and $41.09 for each Series B convertible preferred share. Sola and Neolens have been collaborating on the development of a polycarbonate lens product line.

[Medtronic] will buy [AneuRx] in a $75mm stock swap

Mon, 01 Apr 1996 00:00:00 -0400

[Medtronic] (cardiovascular surgical and neurological/pain devices) will buy privately-held [AneuRx] (vascular surgical product) for about $75mm in stock. AneuRx was founded in 1993 by [Stanford University] surgery professor Thomas Fogarty, and is developing an endovascular stented graft with a delivery system to treat abdominal aneurysms with minimally invasive surgery. The acquisition complements Medtronic's recent acquisition of [InStent], which makes self-expandable and balloon-expandable stents.

[Norland Medical Systems] buys [Dove Medical Systems]

Mon, 01 Apr 1996 00:00:00 -0400

[Norland Medical Systems] (x-ray bone densitometers) has acquired [Dove Medical Systems] (low-cost x-ray bone densitometers) primarily for stock, acquiring pertinent patents and other technical assets for cash. Norland paid about $6.9mm ($3.6mm in cash and 161,538 shares, priced at about $20.50 per share). The acquisition will enhance Norland's existing densitometer product lines, as well as strengthen its position as a provider of low-cost bonedensitometers. Dove produces and sells an even lower-cost bone densitometer, derived from NASA's patented system of measuring bone loss in space. Dove recently developed a new model of its {OsteoAnalyzer}, the {SXA3000}, which measures bone mineral density, eliminating the need for a separate system, and priced it under $20,000. Joan Piccioni, president of Dove, will continue to run the company as president and will report to Reynald Bonmati, Norland's chairman and president.

[St. Jude] options buying [Cyberonics] for $138mm, then declines.

Mon, 01 Apr 1996 00:00:00 -0400

[St. Jude Medical] (cardiovascular and other medical devices) agreed to an option to acquire [Cyberonics] (implantable devices for the control of epilepsy) in a merger agreement potentially worth $138mm to Cyberonics. The merger's close is set for October, until which time St. Jude has the right to back out. At closing, St. Jude will pay about $7 per share, or $72mm, for Cyberonic's outstanding 10.3mm shares. The agreement would further St. Jude's diversification: Cyberonics treats epilepsy with an implantable pacemaker-like device called the {NeuroCyberneticProsthesis}, to stimulate the vagus nerve and reduce the incidence of seizures.

[Cooper Surgical] has acquired [Unimar] for $8mm

Mon, 01 Apr 1996 00:00:00 -0400

[Cooper Surgical] (gynecological health care devices) has acquired [Unimar Inc.] (disposable gynecological devices) for $8mm in cash and notes. The two companies' sales organizations will be combined; this furthers CSs' strategy of gaining gynecological market share by acquiring proprietary product lines and well-differentiated product suppliers, especially in the growing outpatient gynecology market. After the purchase of Unimar, 90% of CS's revenue will be generated by gynecological products. Unimar offers products for uterine control during tubal ligation and minimally invasive laparoscopy and others that obtain endometrial tissue for infertility evaluation and for the diagnosis of cancer and its precursors, and for cytological sampling. Last year, CS acquired from [Blairden Precision Instruments] the {RUMI} uterine manipulator, a patented system for controlling and positioning the uterus during surgery. Several {RUMI} product line extensions are scheduled for introduction over the next two years. The addition of Unimar's disposable manipulator makes CS a market leader in the uterinecontrol product market.

[London Int'l. Group] acquires US glove & condom maker [Aladan]

Mon, 01 Apr 1996 00:00:00 -0400

[London International Group] acquired Georgia-based [Aladan Corp.] for a maximum price of $69.5mm. Both companies manufacture medical gloves and condoms. The acquisition price includes $51.9mm in cash (including $6.5mm paid into escrow) and 4,352,705 new LIG ordinary shares. The merger enables LIG to significantly expand into the US markets for powder-free surgical and examination gloves and condoms. Aladan currently markets condoms in the US under brand names {Gold Circle Coin} and {Saxon Gold}, and supplies unbranded condoms to the US government's Agency for International Development. LIG markets condoms worldwide; in the US it uses brand names {Durex Sheik} and {Durex Ramses}.

[Pfizer] buys [Corvita]

Mon, 01 Apr 1996 00:00:00 -0400

[Pfizer] has agreed to buy all the outstanding stock of [Corvita] (synthetic vascular grafts) at $10.25 per share in a tender offer worth about $85mm. One application of the Corvita grafts is the abdominal aortic aneurysm (weakening or failure of the wall tissue of the artery), which strikes about 190,000 people in the US each year. The company already has its grafts on the market, and it is conducting clinical tests in the US and Europe on new combination stent/graft devices. These can be implanted, via minimally invasive techniques, to shore up diseased or damaged arteries and allow unimpeded blood flow. Corvita will operate as a business of [Pfizer Hospital Products]. Corvita's products and biomaterials expertise fit in with a main focus of the group, interventional cardiology and radiology.

[I-Flow] acquires electronic infusion pump co. [Block Medical]

Mon, 01 Apr 1996 00:00:00 -0400

Ambulatory infusion system producer [I-Flow] acquired [Block Medical], a wholly-owned subsidiary of [Hillenbrand Industries], for approximately $17mm in cash and stock. I-Flow will pay $15mm in cash, $2mm in common stock, and five-year non-callable warrants, exercisable beginning Jan. 1999, that allow Hillenbrand to acquire 250,000 shares of I-Flow common. Block, which had revenues of $13.5mm in 1995, manufactures portable infusion pumps for home care patients. The acquisition gives I-Flow an established direct sales force to market both companies' products. Had I-Flow been unable to finance the acquisition, Hillenbrand would have been entitled to a $1mm termination payment.

[ReSound] buys [3M]'s Hearing Health business

Mon, 01 Apr 1996 00:00:00 -0400

[ReSound Corp.] (advanced hearing devices) purchased [3M Co.]'s [Hearing Health] business for $24.9mm. ReSound acquired assets that include specific patents and patent applications. ReSound will maintain the Hearing Health operation as a separate business unit and continue to employ most employees located at the Eagen, MN facility. The final agreement is expected within the next month, at which time the patent infringement lawsuit filed by 3M against ReSound in September 1993 will be dismissed. The addition Hearing Health complements ReSound's position as a supplier of advanced high-tech hearing solutions. 3M will focus on its other health care businesses more closely related to its core strengths.

[Lasermedics] acquires [Henley] division from [Maxxim Medical]

Mon, 01 Apr 1996 00:00:00 -0400

[Lasermedics] (non-invasive, low-level laser therapy) plans to acquire [Maxxim Medical]'s [Henley Healthcare] division for $13mm in cash and convertible debt. Henley Healthcare manufactures and sells a line of products for the physical medicine, rehabilitation and pain management markets. MM has decided to divest this business to focus on what has become its core businesses: the operating room, cardiac catheter lab, and critical care markets. Henley's technology, originally the foundation of MM, is no longer central to its business. Ken Davidson, president and CEO of MM, and Ernest Henley, a director at MM, will join Lasermedic'sf directors upon the signing of a definitive agreement.

[Isolyser] acquires [Microtek Medical] for $76.5 mm in stock

Fri, 01 Mar 1996 00:00:00 -0500

[Isolyser] (degradable polymer-based supplies) acquired US-based [Microtek Medical] (disposable products) for approximately $87.5 million in stock and the asumption of $19 million in debt. The terms of the transaction call for Isolyser to exchange $16.50 of its common stock, if the average price for Isolyser stock is between $14.50 and $18.50 per share, for each Microtek share. Microtek's stock recently closed at $15.63, up $4.37 since the announcement, and Isolyser closed at $17.50, up $0.62. Isolyser develops and markets {Orex Degradables}, a degradable polymer-based product. Microtek makes disposable surgical and medical supplies, including drapes and fluid control pouches for use in operating rooms. Microtek will become a wholly-owned subsidiary of Isolyser. The acquisition gives Isolyser entry into the international market for disposable products, since Microtek has 800 employees worldwide and a presence in 80 countries.

[Medtronic] buys [InStent] for $214 mm in stock

Fri, 01 Mar 1996 00:00:00 -0500

[Medtronic Inc.] (cardiovascular surgical products) agreed to acquire [InStent Inc.] (non-surgically-inserted wire coil stents) for about $214 million in stock, or $21.46 per share. Medtronic will exchange 0.3833 of a share for each of the 10 million InStent shares, plus options outstanding. InStent bring certain assets, including cash, to the deal. InStent currently develops and manufactures both self-expandable and balloon-expandable stents. Two InStent products, the {EndoCoil} (for bile ducts) and the {EsophaCoil} (for the esophagus) have been approved by the FDA; clinical evaluation of stents for coronary arteries is underway. The company had FY1995 revenues of $2.4mm and a net loss of $1.74mm. [Johnson & Johnson] iscurrently the leader in the US stent market, and has patents on its balloon-expandable stent. Medtronic may be able to compete effectively with J&J because, unlike other stent-makers, InStent's stents may be sufficiently different from J&J's stents to avoid questions of patent infringement.

[Sola International] to buy [American Optical]'s lens operations

Fri, 01 Mar 1996 00:00:00 -0500

[Sola International] has acquired [American Optical]'s worldwide ophthalmic group for $107mm in cash. American Optical's lens division, headquartered in Southbridge, MA, would operate as a separate subsidiary of Sola, pending the definitive negotiation of the deal's terms. The group has operations in the US, Mexico, the UK, France, Switzerland, and Singapore, and had worldwide sales of about $79 million for the fiscal year ended March 31, 1995.

[Medtronic] buys Swedish diagnostic co. [Synectics] for $59mm

Fri, 01 Mar 1996 00:00:00 -0500

[Medtronic] (cardiovascular surgical and neurological/pain devices) will buy the 92.6% of [Synectics Medical AB] (urological, digestive and sleep diagnostics) it doesn't already own for $59mm--$41.74 per share (recently trading at about $34 per share). Stockholm-based Synectics (along with Dantec Medical AS which it purchased in February) had 1995 revenues of $60mm; about 40% of the company's business comes from North America. Its products use catheters with sensors to collect diagnostic data, and include portable home models as well as laboratory versions. With this acquisition, Medtronic is expanding into new therapeutic areas from its mostly cardiovascular focus. It made two other acquisitions this month: [InStent] and AneuRx], both cardiovascular companies.

[Nellcor Puritan Bennett] buys [Infrasonics]

Fri, 01 Mar 1996 00:00:00 -0500

[Nellcor Puritan Bennett] has definitively agreed to acquire [Infrasonics] (respiratory products) in a stock-for-stock transaction valued at approximately $66 million. Infrasonics shareholders will receive 0.95 share of NPB common stock for each outstanding share of Infrasonics common stock; however, the value of the consideration received by Infrasonics shareholders will not be less than $6.25 per share. The acquisition of Infrasonics' infant and high frequency ventilator products fill a gap in NPB's product line. NPB also announced its board of directors approved a 2-for-1 split of the company's common stock, pending approval by stockholders of an increase in the authorized number of shares of NPB common stock. NPB will have approximately 60 million shares outstanding after the acquisition of Infrasonics and the stock split.

[Fresenius] will buy [Grace]'s [National Medical Care]

Thu, 01 Feb 1996 00:00:00 -0500

[Fresenius] will combine its worldwide dialysis operations with [WR Grace]'s [National Medical Care], creating the world's largest integrated dialysis company. The new company will be called [Fresenius Medical Care]. Fresenius is a major dialysis equipment manufacturer and National Medical is the largest US dialysis service provider. FMC will be headquartered in Germany, with US offices based in Massachusetts. It is expected to have annual sales of around $3.5 billion, and its stock will be traded in both countries. Grace will recieve $2.3 billion in cash, which it will use to buy back some of its own shares; its shareholders will own 44.8% of FMC and will also receive preferred stock, the value of which is linked to FMC's performance. Grace received a competing offer from [Baxter] which it rejected.

[4Health] to combine with [Surgical Technologies]

Thu, 01 Feb 1996 00:00:00 -0500

[4Health Inc.] (herbals and nutritional supplements) signed a letter of intent to combine with [Surgical Technologies] (med/surg). 4Health will manage the surviving company, which will operate under its name; two of ST's directors will hold board seats. ST will issue 9 million common shares (trading on Nasdaq at $2 per share) to the owners of privately held 4Health; in return, ST shareholders will get 1.05 million redeemable warrants to purchase stock of the merged entity at an exercise price of $11 per share during an 18-month period. The merger will give 4Health access to public capital markets and supply the cash to fund its expansion into new domestic and international markets. It now markets its {Nature's Secret} brandat 5000 health food stores. ST is using the merger to get out of its previous operations and invest its assets in a more profitable business. It recently disposed of its surgical pack and drape manufacturing segment and its specialty metals fabrication work, ending with $5 million in liquid assets. It will also sell off the {Transflator} device business, its only remaining operation.

[Maxxim Medical] wins bid for [Sterile Concepts]

Thu, 01 Feb 1996 00:00:00 -0500

[Maxxim Medical] made an unsolicited offer to acquire [Sterile Concepts Holdings] (custom sterile procedure trays) for $16.00 per share, or approximately $89 million. Maxxim could acquire all of the outstanding common stock of SC with cash, with newly issued common stock of Maxxim, or a combination of the two. The total value of the proposed transaction could reach $118 million, including the assumption of approximately $29 million of SC's debt. As of Feb. 14, 1995, the day of the proposal, Maxxim's offer represented a 25% premium over the previous day's closing price. The combined company would have annual sales of more than $500 million.

[Essilor of America] buys [Benson Eyecare] unit

Thu, 01 Feb 1996 00:00:00 -0500

[Benson Eyecare] announced a major reorganization, selling its [Omega Group] (wholesale optical labs) to [Essilor of America], its [Orcolite] division (makes plastic lenses) to [Monsanto] and spinning-off the rest to shareholders. Essilor paid about $200mm for Omega. Benson's non-prescription eyewear and optics businesses will be transferred to a newly organized company called the [BEC Group], which will be distributed to Benson's shareholders as part of the merger; they also receive $6.25 in cash for each share of Benson common stock, and one share of BEC Group common stock for every two shares of Benson common stock.

[Invacare] acquires institutional bedding company [Healthtech]

Thu, 01 Feb 1996 00:00:00 -0500

[Invacare] (manufacturer of home healthcare and mobility products for the disabled) signed an agreement to acquire [Healthtech Products], a manufacturer of beds and patient-room furniture. The acquisition gives Invacare a product base for entry into the institutional market, particularly for nursing homes and assisted-living facilities. Invacare's product line will continue to address home-care patients' needs, including theelderly and disabled, as well as provide for an institutional setting. Invacare intends to continue to sell Healthtech's products through its nationwide network of independent representatives. Healthtech had 1995 sales of approximately $28million. This is Invacare's second acquisition this month. It recently announced it was going to purchase Portuguese company [Fabriorto], which manufactures wheelchairs, beds and walking aids that are sold in Portugal and Spain. This acquisition will complement Invacare's Spanish subsidiary [Rehadap SA].

[Bausch & Lomb] buys [Award PLC] (contact lens co.)

Thu, 01 Feb 1996 00:00:00 -0500

[Bausch & Lomb] has acquired [Award PLC] (Scottish daily disposable soft contact lenses) as well as worldwide rights to patents held by [BTG PLC] (technology transfer co.) for methods used in Award's manufacturing process. Award will continue to be operated by its current management team as a subsidiary of Bausch & Lomb. The disposable lenses are sold in bulk in the UK and other European countries under the brand name {Premier.} Bausch & Lomb will expand thedistribution of {Premier} products throughout Europe and will apply to the FDA this year for approval to market the lenses in the US. Bausch & Lomb also acquires rights to BTG's patented cast-mold manufacturing technology, designed to respond to the high-volume, short cycle-time and low unit cost needed to make single-use soft contact lenses like Award's. Along with its recent acquisition of [Arnette Optic Illusions], this acquisition allows Bausch & Lomb to expand into new markets.

[Invacare] acquires Portuguese wheelchair maker [Fabriorto]

Thu, 01 Feb 1996 00:00:00 -0500

In its second acquisition this month, [Invacare] (manufacturer of home health and mobility products for the disabled) purchased for cash and stock Portuguese company [Fabriorto] and the assets of its major agent [Ortolis]. Fabriorto manufactures and distributes manual and power wheelchairs, beds and walking aids which are sold in Portugal and Spain. The acquisition, along with Invacare's Spanish subsidiary, [Rehadap SA], reinforces Invacare's position in theIberian peninsula. This month Invacare also acquired US-based [Healthtech], which manufactures institutional beds and furniture.

[Inbrand] buys [Celatose SA], French maker of incontinence prods.

Thu, 01 Feb 1996 00:00:00 -0500

[InBrand Corp.] (adult diapers) acquired [Celatose SA], French manufacturer of adult incontinence products and baby diapers, and Julian T. Holdings BV, a Dutch marketing firm, consolidating the two into a new subsidiary [InBrand Europe]. Atlanta, GA-based InBrand is continuing its European expansion which began with the 7/95 purchase of [Hygieia Healthcare Holdings] (UK; feminine hygiene). A French court accepted InBrand's bid for Celatose, which was under the protection of the French bankruptcy act. Terms were not disclosed. The addition allows InBrand to market a full line of disposable, absorbent products in Europe. The simultaneous acquisition of the marketing company Julian T. Holding gives InBranda sales force and marketing access to the UK's National Health Service, an important customer of JTH's UK subsidiary. Overall, InBrand expects to add $100mm to annual sales, which were $85mm in 1995.

[Monsanto] buys [Benson Eyecare] [Orcolite] division

Thu, 01 Feb 1996 00:00:00 -0500

[Monsanto] paid $53mm for [Benson Eyecare]'s [Orcolite] division, which makes polycarbonate and plastic lenses. Benson is undergoing a major reorganization; it sold its [Omega] unit, which operates wholesale optical laboratories in the US, and spun off the rest of its operations to shareholders.

[Biocompatibles] buys [Eclipse] spin-off [Atlantis Catheter]

Thu, 01 Feb 1996 00:00:00 -0500

[Biocompatibles Ltd.] develops polymer coatings designed for use on catheters and other medical devices. Before it acquired [Altalntis], the company had planned to commericalize its coatings through alliances with device manufacturers. [Eclipse Surgical], which focuses on transmyocardial revascularization products, spun-off [Atlantis] in 1993. [Biocompatables] develops polymer-based coatings for use on devices, including catheters products. The company had been seekingselective manufacturing opportunities with medical device manufacturers. Terms of the 1996 acquisition of Altlantis by Biocompatables were not disclosed.

[Howmedica] acquires [Leibinger] surgical specialty companies