June's top stories: Zimmer-Biomet $14bn deal, Google’s new health wristband
Zimmer has acquired Biomet in cash and equity deal worth approximately $14bn, Google is set to start research trials of a new wrist-worn medical device and Hill-Rom has agreed to buy Welch Allyn for $2.5bn. Medicaldevice-network.com wraps up key headlines from June.
US-based orthopaedic device manufacturer Zimmer acquired Biomet in a cash and equity deal worth approximately $14bn.
Following the combination, the new entity will operate as Zimmer Biomet Holdings to offer a comprehensive and diversified portfolio of musculoskeletal solutions to customers worldwide.
The acquisition deal has already been approved by the European Union and Japanese authorities, but the financial details remain undisclosed. The FTC expects the deals to close within ten days.
Google plans to start research trials of a new wrist-worn medical device that will provide physicians with real-time data on patients.
Developed by the company's research division, Google X, the new health tracking wristband can monitor heart rate, heart rhythm, skin temperature, as well as other useful environmental data such as light exposure and noise levels, reported Bloomberg.
Google Life Sciences team head Andy Conrad said the company does not intend to market the product as a consumer device.
Conrad said: "Our intended use is for this to become a medical device that's prescribed to patients or used for clinical trials."
US medical equipment manufacturer Hill-Rom signed an agreement to acquire privately held Welch Allyn in a cash and stock deal worth approximately $2.5bn.
Under the agreement, Welch Allyn shareholders will receive $1.625bn in cash and approximately 8.1 million newly-issued shares of Hill-Rom common stock.
Welch Allyn is claimed to be the only global company focused exclusively on the requirements of frontline care with multiple call points, including primary care physicians, nurses, hospitalists, biomeds and specialists.
Johnson & Johnson (J&J) accepted a binding offer from Cardinal Health to acquire its Cordis business for approximately $2bn.
First announced by Cardinal in March 2015, the offer comprises $1.944bn of cash proceeds from Cardinal and $46m of retained net receivables.
The acquisition of Cordis is claimed to complement the company's strategy of expanding operations in the areas of cardiology, wound management and orthopaedics.
German pharmaceutical company Bayer signed a definitive agreement to divest its Diabetes Care business to Panasonic Healthcare for €1.2bn.
The proposed transaction includes the Contour portfolio of blood glucose monitoring meters and strips, as well as other products such as Breeze 2, Elite and Microlet lancing devices.
Tokyo-based Panasonic Healthcare is 80% owned by the US private equity group KKR, while Panasonic holds the remaining 20% stake.
Chinese investment firm XIO Group signed a definitive agreement to acquire Israel's energy-based medical company, Lumenis, for $510m.
Under the agreement, XIO will pay $14 per share in cash to Lumenis shareholders.
Lumenis' two largest shareholders Viola Group and XT Hi-Tech Investments, which hold a collective 59% stake, entered a customary voting agreement with XIO.
US-based medical devices manufacturer Integra LifeSciences signed a definitive agreement to acquire all outstanding shares of TEI Biosciences and TEI Medical for a cash consideration of $312m.
The acquisition, which is likely to offer high capital returns, is expected to expand the company's reconstructive surgery and regenerative wound care product offerings with the addition of the complementary technology, PriMatrix Dermal Repair Scaffold.
The company expects the acquisition to offer regenerative technology based products and new base of sales in attractive adjacent markets, specifically abdominal wall repair and plastic and reconstructive surgery.
Royal Philips launched its new Respironics V680 ventilator for hospital respiratory care at the Canadian Society of Respiratory Therapists' Annual Conference in Calgary, Alberta.
Claimed to be the first ventilator to combine the Philips gold standard single-limb non-invasive ventilation (NIV) solution with a fully featured, dual-limb system, the device delivers advanced life support for critically ill patients in the intensive care unit.
Offering invasive and non-invasive ventilation, the system is designed for smoother transition from ventilation to natural breathing that is likely to help enhance patient care.