Health Care Deal News: Spotlight on Medical Devices- December 2012
Vessix Vascular, Inc.’s breakthrough device, an easy-to-use renal denervation system that treats uncontrolled hypertension, made it a natural acquisition target for Boston Scientific Corp. (NYSE: BSX). Boston Scientific develops and manufactures minimally invasive medical devices used in interventional cardiology, cardiac rhythm management, peripheral interventions, electrophysiology, among others. It agreed to pay $125 million in cash upfront for Vessix , plus up to $300 million in milestone payments through 2017. Founded in 2003, Vessix Vascular was backed by venture capital funds including NeoMed Management, Edmond de Rothschild Investment Partners, Fjord Invest, OrbiMed Advisors LLC and Christopher Weil & Company.
Sparton Onyx LLC, a wholly owned subsidiary of Sparton Corporation (NYSE: SPA), completed its acquisition of Onyx EMS LLC on November 15, 2012. The deal was a $43.25 million all-cash transaction, subject to certain post-closing adjustments. Onyx EMS primarily makes medical devices for OEMs and emerging technology companies from its two sites in Watertown, South Dakota, and Minneapolis, Minnesota. The latter location was a major draw for Sparton, which hopes to expand into the Minneapolis device corridor. Lincoln International represented Onyx in this transaction.......Want to read more? Click here for a free trial to The Health Care M&A Information Source and download the current issue today