Medtronic Strengthens Hand in Ablation Market with CryoCath Acquisition
Competitors in the cardiac rhythm management space are drawing new battlelines in the area of atrial ablation. Medtronic's acquisition of CryoCath pits it against historical rivals St. Jude and Boston Scientific.
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Endosense is beginning to establish itself in the tough market of atrial fibrillation with a catheter that stresses an attribute that no one has featured yet: force sensing in delivering energy. Proving the clinical value of force-sensing will be difficult enough, but Endosense faced an even greater challenge in 2009 when its long-time backer, 3i, decided it wanted to exit device venture investing and divest its stake in the company.
A selection of our best blog posts from February for stories not covered elsewhere in the magazine includes: Friends in High Places: The White House appears to appreciate the need for innovation and, Medtronic's $1.03 billion buying spree is only the beginning in percutaneous heart valves.
Highlights from the Q3 2008 review of device and diagnostics dealmaking: Led by late-stage rounds, financing for medical device firms--at just over $1bn--showed a slight improvement over the last quarter. IPOs and follow-ons were noticeably absent in Q3, reminiscent of a time in 2003 when the IPO window closed. Not even one of the 13 device M&A transactions reached the billion-dollar mark, but the largest deal, GE Healthcare's buy of Vital Signs for $990mm, came close. In vitro diagnostics/research financings doubled to $643mm led by Illumina's $343mm FOPO. M&A activity in this industry was scant with a mere three transactions. However, Nanogen's reverse merger with Elitech Group--worth $99mm-beat the median M&A deal price ($60mm) over the past five years. Interestingly many in vitro diagnostics players turned to alliances with tech transfer entities in hopes of filling their pipelines.