The flurry of moves Covidien plc (NYSE:COV) made in 2010 are starting to pay off for the Mansfield, Mass.-based medical products conglomerate. New business from its $2.6 billion ev3 acquisition helped Covidien double its vascular unit’s sales during the three months ended March 25, posting revenues of $333 million, up 103 percent over the same […]
Cardiovascular Systems Inc. (NASDAQ:CSII) and local rival ev3 Inc. have called a truce. CSI, based in St. Paul, Minnesota, said Tuesday it has settled an employment lawsuit with ev3, headquartered in Plymouth. The suit, filed by ev3 in 2007, accused CSI of poaching two unspecified employees.
Munck Wilson Mandala Partner Greg Howison shared his perspective on some of the legal ramifications around AI, IP, connected devices and the data they generate, in response to emailed questions.
ev3 Inc. (NSDQ:EVVV) agreed to settle a group of lawsuits filed by shareholders looking to block its $2.6 billion buyout by Covidien plc (NYSE:COV). The lawsuits, filed in the Hennepin County District Court for Minnesota and Delaware’s Court of Chancery, accused the Plymouth, Minn.-based company’s board of breaching its fiduciary duties in giving a green […]
Highlights of the important and the interesting from the world of healthcare: FDA panel to consider pulling Avandia. An expert panel of the U.S. Food and Drug Administration is planning a mid-July meeting to consider whether GlaxoSmithKline’s (NYSE: GSK) diabetes drug Avandia should be pulled from the market. Dr. Steven Nissen of the Cleveland Clinic […]
Covidien plc agrees to pay $250 million in cash to acquire oximetry device maker Somanetics Corp. at $25 per share. Covidien plc (NYSE:COV) continued to streamline its medical device operations with the latest acquisition in a series of buys and sells: a $250 million cash buyout of oximetry equipment maker Somanetics Corp. (NSDQ:SMTS). The Mansfield, […]
Tornier Inc. is planning to test the choppy waters of Wall Street with an estimated $205 million initial public offering, according to documents filed with the Securities and Exchange Commission. The orthopedics firm in Edina, Minn., which specializes in devices to treat injuries to extremities and small bones, is the third local medical device company […]
At the Abarca Forward conference earlier this year, George Van Antwerp, managing director at Deloitte, discussed how social determinants of health and a personalized member experience can improve medication adherence and health outcomes.
Given Wall Street’s turmoil of late, it’s not too surprising that buyers would search for bargains, especially struggling medical device companies with promising technology and awful balance sheets. Case in point: Medtronic Inc.’s (NYSE: MDT) $370 million purchase of ATS Medical Inc. in Plymouth, Minn. But ev3 Inc. (NASDAQ: EVVV) and Virtual Radiological Corp. (NASDAQ: […]
Another one bites the dust. After agreeing to sell itself to Covidien PLC for $2.6 billion, ev3 Inc. (NASDAQ: EVVV) becomes the third publicly traded Minnesota device firm to be acquired in just over a month. Dublin, Ireland-based Covidien agreed to pay $22.50 per share for ev3, a 19 percent premium over the vascular device […]
Ernie Andberg has a little more free time on his hands these days. The long-time “emerging medical device companies” equity analyst for Feltl & Co. in Minneapolis has not seen a lot of companies emerging lately. In fact, they’ve been disappearing all together. Case in point: Medtronic Inc.’s (NYSE: MDT) deal last week to acquire […]
Medical device companies agree the fast-growing peripheral vascular (PV) market is the place to be. The question is how are they going to get there? Devices that open clogged arteries below the waist are growing 10 percent to 12 percent a year, more than twice the growth rate of coronary products. Doctors have been generally […]
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For Boston Scientific Corp. to have any chance of reviving its ailing peripheral vascular business, it must rely on a 46-year-old executive who used to sell Budweiser and Bud Light for a living. Beer and stents may seem worlds apart, but Joe Fitzgerald says his time at Anheuser-Busch Cos. taught him how to nurture a […]
Local medical device companies, including Boston Scientific Corp., Lumen Biomedical Inc. and ev3 Inc. in Plymouth, Minn. may benefit from a major government-funded study that concludes carotid stents are equally safe and effective as surgery to unblock clogged neck arteries. The long-awaited results from the Carotid Revascularization EndarterectomyVersus Stenting Trial (CREST), led by a Mayo […]
Called the Production Assistance for Cellular Therapies Program, or PACT, the money will help the university more quickly win Food and Drug Administration approval to launch clinical trials.
ev3's cracked Trailblazer Support Catheter did not cause any patient deaths, but the faulty device did result in "some adverse events" to patients, though the company says it doesn't have further details.
The company on Nov. 6 sent a letter to its customers outlining the problem and instructing them to locate and remove the affected product, the Trailblazer Support Catheter, according to the FDA.