Wall Street is taking Abbott's claim that it is not interested in St. Jude Medical at face value, paving the way for speculation about who the drug and devicemaker will buy instead as it seeks to deploy plentiful cash and bulk up in med tech following a wave of industry M&A.
The Diabetes Research Institute (DRI) has had positive results in the first patient in a Phase I/II, pilot trial of a technique it expects could result in a bioengineered mini organ. This could mean a breakthrough in the race to develop an artificial pancreas that produces insulin in Type 1 diabetic patients.
Johnson & Johnson is joining forces with hardware manufacturing company PCH to launch a consumer-health focused hardware startup incubator, building on J&J's commitment to investing in early-stage companies to spur med tech innovation.
Private equity players took wound care company Kinetic Concepts private in a $5 billion buyout in 2011. Then these investors rolled in wound care peer Systagenix for $485 million in October 2013. Prior to that, KCI had already beefed itself up with the 2008 acquisition of tissue regeneration player LifeCell for $1.7 billion.
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The U.S. Department of Defense is sinking funds into a Silicon Valley initiative aimed at creating "flexible" electronics, furthering the agency's commitment to investing in innovative devices that could help soldiers on the battlefield.
The FDA recently deemed corrective actions to three devices as Class 1, reserved for situations in which "there is a reasonable probability that the use of or exposure to a violative product will cause serious adverse health consequences or death."
Insulet said its long-troubled Billerica, MA manufacturing plant is back on track on an earnings call earlier this month--just before the FDA offered details on the OmniPod recalls that were caused by inadequate standards compliance. In July, the company issued a voluntary recall of more than 400,000 OmniPod Insulin Management Systems, which are wearable insulin pumps.
Private equity group Essex Woodlands has snapped up a 16% stake in surgical peripheral nerve solutions company AxoGen. The company raised $17.5 million to back its existing regenerative medicine products, as well as to develop new candidates for nerves severed during prostate cancer surgery and lower extremity nerve injuries. The financing is expected to put the company in the black for the first time.
Engineer Scott Leibrand and diabetes patient Dana Lewis have created an artificial pancreas, via years of constant experimentation and iterative upgrades.
News that Abbott is preparing a $25 billion bid for drugmaker St. Jude Medical hogged the headlines this morning, but in the latest twist, the drug and devicemaker just told Reuters it is not interested in St. Jude.
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Shire has been quiet since making its unwelcomed $30 billion bid to acquire Baxalta public earlier this month. But Baxalta evidently isn't waiting for the next step to play out in that dance. Bloomberg is reporting this afternoon that Baxalta is hunting for an acquisition around the $2 billion mark that would add to its hematology pipeline.
It was attention-grabbing when California sued a handful of drugmakers, accusing them of lying about the safety of their high-powered painkillers and blaming them for an epidemic of prescription drug overdoses and a resurgence in heroin use. But from a legal standpoint, a California judge has ruled, there is not much there to stand on.