Medtronic has launched NovaShield Injectable Nasal Packing and Stent for functional endoscopic sinus surgery after an FDA approval in October. It's a gel made from chitosan that's placed in the sinus or nasal cavities after the surgery.
This has been a good year for M&A in the medical device industry. The number of deals rose 39% to 57 announced transactions. Moreover, deal value more than sextupled to $86 billion, up from $14 billion in 2013.
As lawmakers and regulators crack down on med tech companies launching corporate inversions for tax-paying purposes, the U.S. Internal Revenue Service is zeroing in on another tactic used by devicemakers like Medtronic and Covidien to guard offshore earnings and avoid steep domestic tax rates.
St. Jude Medical has gained approval for a quadripolar cardiac resynchronization therapy pacemaker that for the first time incorporates its MultiPoint Pacing technology that's been shown to be better for patients who don't respond to traditional biventrical pacing.
Micro-cap obesity device company GI Dynamics is restructuring by cutting 10% of its workforce, including its CFO, as well as reviewing its strategic options. The Australian company expects to communicate its next move "over the next several months," GI Dynamics' president and CEO, Michael Dale, said in a statement.
Medtronic has sold $17 billion in bonds to fund its $43 billion acquisition of Covidien that's still expected to close early next year. The medical device giant had been expecting to fund the deal mostly with ex-U.S. cash, but opted instead for debt in order to avoid potential issues with U.S. regulators seeking to crack down on tax inversion deals.
Medtronic scored EU regulatory approval for its $43 billion acquisition of Covidien, days after U.S. antitrust authorities signed off on the deal subject to certain conditions.
Mobile cardiac monitoring is one of the most advanced areas in med tech when it comes to wireless, remote tracking of patients. InfoBionic is hoping to take the technology to the next level by combining three different kinds of cardiac arrhythmia monitoring onto a single system that provides real-time, cloud-based patient data.
Medtronic's fastest growing business is in diabetes, which gained 10% to $430 million in the most recent quarter over a year ago. Now the medical device giant is looking to expand beyond its dominance in Type 1 diabetes that is based on the success of its insulin pump MiniMed. During an earnings call, Medtronic disclosed that it reorganized its diabetes group last quarter.
The only FDA-approved, wearable cancer treatment device may expand its reach. A Phase III trial of Optune (NovoTTF-100A System) from Novocure was halted early due to statistically significant efficacy for the device in combination with chemotherapy to treat newly diagnosed glioblastoma patients.