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.
The 30-day "go-shop" period for LVAD maker Thoratec is over. No other bids to acquire the company were made. That means Thoratec is likely to become part of St. Jude Medical in the Q4, when the bigwig's $3.4 billion acquisition is expected to close.
The consensus is that none of the other medical device bigwigs will try and steal heart pump maker Thoratec from the clutches of St. Jude Medical during the $3.4 billion deal's 30-day "go-shop" period.
St. Jude Medical announced its intention to acquire Thoratec, the maker of ventricular assist devices that pump the blood of patients awaiting a heart transplant, for $3.4 billion. Its stock price is up 2.5% on the news.
Industry bigwig St. Jude Medical is discussing a buyout of specialist Thoratec, a maker of left ventricular assist devices, which give heart failure patients awaiting a donated heart a bridge to organ transplantation by pumping their blood in the meantime. Thoratec stock is up 18% to around $58 on the rumor, as of 3 p.m.
The federal Malaysian Investment Development Authority has approved 11 med tech projects worth 464.6 million Malaysian ringgit ($122.02 million) estimated to create 1,633 jobs, as the country aims to become a medical device hub.
The U.S. Food and Drug Administration may have made it a bit easier for chronic pain patients to evaluate whether a spinal cord stimulator could be an effective treatment. For the first time, it's approved a wireless, external device from St. Jude Medical that can be manipulated via an Apple iPod touch, rather than a dedicated controller that's likely to be less intuitive to patients.
In response to slower sales and increased competition, medical device makers are starting to offer hospitals and patients in the U.S. better guarantees on their products if they don't perform as promised.
Efforts to repeal the tax on medical devices that has helped fund the Affordable Care Act are gaining more traction in Congress following the U.S. Supreme Court's landmark decision supporting a key point of the law, The Wall Street Journal reports.
St. Jude Medical announced the launch of its third randomized clinical trial to compare the company's optical coherence tomography imaging to intravascular ultrasound and angiography alone. The three imaging systems will square off as a guide to stent implantation, which occurs during percutaneous coronary intervention procedures.