Medtronic to acquire Medicrea for EUR 7.00 per share » 05:3007/1507/15/20
Medtronic and Medicrea…
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Boston Scientific exploring sale of snake venom unit, Bloomberg reports » 11:2907/1407/14/20
Boston Scientific is…
Boston Scientific is working with advisers to explore the sale of its specialty pharmaceutical business focused on treatments for snake venom, Bloomberg reports, citing people with knowledge of the matter. The business could be worth could be worth close to $1B, Bloomberg adds.
Titan Medical sends update letter to shareholders » 08:0407/1407/14/20
Titan Medical (TMDI)…
Titan Medical (TMDI) issued an update letter to its shareholders. The letter was authored by David McNally, president and CEO, chairman. The letter said, "As we commence the second half of 2020, I provide you with a brief review of the first half and outline our focus for the remainder of the year... On June 3, 2020, we entered into several agreements with an affiliate of Medtronic plc (MDT), including a development and license agreement to further the development of robotic assisted surgical technologies, as well as a separate license agreement in respect of certain intellectual property of Titan. The development and license agreement provides for the development of robotic assisted surgical technologies for use by both Titan and Medtronic in their respective robotic assisted surgery businesses. As technology milestones are completed and verified, we will be entitled to receive a series of license payments totaling up to $31 million for Medtronic's rights to such technologies. Our engineering team and product development partners are working toward the achievement of the first milestone in October 2020. If successful, Titan will receive a payment of $10 million before proceeding to the second of the three development milestones, to be completed in 2021. Under the terms of the separate license agreement, Medtronic has licensed certain robotic assisted surgical technologies from Titan for an upfront license payment of $10 million, which we received in June 2020. Titan retains the rights to continue to develop and commercialize those technologies for its own business. These agreements with Medtronic allow Titan to continue to develop its single-port robotic surgical technologies while sharing our expertise and technologies with Medtronic. Through the $10 million license payment and $1.5 million loan from Medtronic, and the over $20 million raised in public equity, we have been able to resume product development of our single-port robotic surgical system. Robotic systems designed for surgery are highly technical and complex pieces of equipment, involving medical-grade software and numerous electro-mechanical systems, precise surgical instruments and sterile interface components, all designed for instinctive use and successful surgical outcomes. To facilitate the unique design and development of our system, Titan has engaged individuals and third parties with specialized competencies for assistance with certain aspects of our system such as our innovative dual-view camera system, multi-articulating instruments and simulation training software. We have also established a U.S. subsidiary to initially focus on product development activities, which is based at our new dedicated, purpose-built space in North Carolina's Research Triangle, a leading high-tech and medical technology hub, which is also in close proximity to our development partners. The recruitment of highly skilled and experienced technical personnel to manage, execute and provide in-house expertise in product development is well underway. The opportunity for single-port robotic surgery appears promising, with initial and on-going clinical success being reported by surgeons using Intuitive Surgical's da Vinci SP(R), the only commercially available single-port offering, but currently with surgical indications outside our initial target area. We believe that our robotic assisted surgical system, having been designed with a focus on single-port surgery, may provide competitive advantages for physicians and their clinical teams, hospitals and patients. Should we be able to complete product development and achieve regulatory clearance in a timely manner, upon commercialization we expect our single-port system to expand the market for robotic assisted surgery with attractive pricing, a reduced operating room footprint and greater portability within the hospital. With these target product attributes, we intend to focus early commercialization efforts on U.S. ambulatory surgery centers wishing to perform benign procedures in a lower-cost setting compared to hospitals."
|Over a week ago|
Tandem, Medtronic deal meant to mitigate litigation risk, says Piper Sandler » 11:0207/0907/09/20
Piper Sandler analyst…
Piper Sandler analyst Matt O'Brien says Tandem Diabetes' (TNDM) non-exclusive patent cross-license agreement with Medtronic (MDT) for certain technologies relating to diabetes is meant to mitigate any potential legal disagreements. The agreement has certain exclusions and includes a provision not to clone each other's products.
Medtronic, Tandem enter non-exclusive patent cross-license agreement » 11:0107/0907/09/20
Medtronic (MDT) and…
Medtronic (MDT) and Tandem Diabetes Care (TNDM) announced earlier that they have entered into a non-exclusive patent cross-license agreement for certain technologies in the field of diabetes. "Cross-licensing each other's patent portfolios enables both companies to focus on helping people with diabetes through innovation of future products and services, while avoiding the distraction of potential legal disagreements," they said in a statement. The companies added, "With certain exclusions, this agreement applies to the companies' existing products, as well as new products for at least the next five years, and also includes a provision not to clone one another's products. No payments will be exchanged as part of this agreement and further terms were not disclosed."
Fly Intel: Wall Street's top stories for Wednesday » 16:1807/0807/08/20
LEVI, FB, BIIB, ALL, NGHC, TWTR, MRNA, GM, FCAU, XENT, MDT, NKLA, GILT, CMTL
Stocks continue to rise…
Fly Intel: Wall Street's top stories at midday » 12:0107/0807/08/20
FB, BIIB, ALL, NGHC, XENT, MDT, NKLA, GILT, CMTL
Stocks are marginally…
Boston Scientific put volume heavy and directionally bearish » 11:3507/0807/08/20
Bearish flow noted in…
Bearish flow noted in Boston Scientific with 3,834 puts trading, or 2x expected. Most active are Jul-20 34 puts and Nov-20 29 puts, with total volume in those strikes near 1,700 contracts. The Put/Call Ratio is 4.85, while ATM IV is up over 1 point on the day. Earnings are expected on July 29th.
Intersect ENT reviewing Medtronic takeover offer, Bloomberg says » 20:5907/0707/07/20
Intersect's (XENT) board of directors is reviewing the offer made by Medtronic (MDT), Bloomberg's Nabila Ahmed and Ed Hammond report, citing people familiar with the matter. The report adds that the discussions are in the early stages and Medtronic's plans could still change. Reference Link
Medtronic makes bid to acquire Intersect ENT, Bloomberg says 19:2407/0707/07/20