A Medical Device Daily
MIV Therapeutics (MIVT; Atlanta), a developer of biocompatible coatings and drug delivery systems for cardiovascular stents and other implantable devices, reported completing its purchase of Biosync Scientific (Gujarat, India), a developer of interventional cardiology products, including cardiovascular stents. That deal first disclosed in December (Medical Device Daily, Dec. 12, 2006).
Biosync gives MIVT a bare-metal stent (BMS) platform. Its stainless steel and thin-strut cobalt chromium stent platforms are CE-marked and approved in other countries that recognize the CE Mark. MIVT has not disclosed the value of this deal.
MIVT said it will use Biosync's platform as the underlying BMS platform for its biocompatible polymer-free drug-eluting stents (DES).
MIVT said the acquisition of Biosync is the latest step in its plan "to become a world leader in the $8 billion-plus interventional cardiology market." MIVT also recently signed an agreement to acquire Vascore Medical (Suzhou City, China), a manufacturer and of interventional cardiology devices (MDD, Sept. 15, 2006).
Biosync was founded by Rajesh Vaishnav, who has been responsible for developing many BMS and DES devices sold in India and other emerging markets around the world, MIVT said. Vaishnav becomes CEO of Biosync.
Dr. Mark Landy, president of MIVT, said, "We welcome Mr. Vaishnav and his team to the MIVT family, and we look forward to continuing to build our brand in one of the world's fastest-growing markets."
MIVT is the developer of an ultra-thin coating designed to protect surrounding tissue from potentially harmful interactions with BMS devices. It is derived from an organic material called hydroxyapatite (HAp) that makes up the bone mineral and matrix of teeth.
Biomet (Warsaw) reported that the Federal Trade Commission has granted early termination of the Hart-Scott-Rodino waiting period related to its proposed acquisition by an entity controlled by private equity funds sponsored by each of The Blackstone Group, Goldman, Sachs & Co., Kohlberg Kravis Roberts and Texas Pacific Group.
Biomet reported the deal, valued at $1.9 billion, in December (MDD, Dec. 20, 2006), with the acquiring group to pay $44 per share of Biomet upon closing.
On Jan. 17, Biomet and the acquiring group submitted pre-merger notification and report forms with the FTC and the Antitrust Division of the U.S. Department of Justice. The acquisition remains subject to various conditions including Biomet shareholder approval.
Biomet and its subsidiaries manufacture products used by musculoskeletal medical specialists in both surgical and non-surgical therapy.
In other dealmaking;
• Nightingale Informatix (Markham, Ontario) said it will acquire all outstanding shares of VantageMed (Rancho Cordova, California), a supplier of practice management software and services.
VantageMed shareholders will receive 75 cents a share at closing, valuing the deal at about $13 million. Certain shareholders of VantageMed representing about 39% of VantageMed's outstanding common stock have agreed to vote their shares in favor of the acquisition.
With announcement of the deal, Nightingale said it has arranged a subordinated credit facility of CDN$15.5 million, led by Wellington Financial and including Export Development Canada, a Limited Partner in Wellington Financial Fund III.
VantageMed is a provider of healthcare software products and services to more than 18,000 physicians, anesthesiologists and behavioral health providers nationwide. It reports having about 6,000 customer sites in 50 states with more than 18,000 providers using its practice management software and services.
In the 12-month period ended Sept. 30, it generated revenue of $11.6 million.
"We believe that this is a transformational and accretive acquisition that will provide strong growth potential, nearly double our revenue, increase our annual recurring revenue to approximately CDN$18 million and materially expand our customer base and U.S. market presence," said Sam Chebib, president/CEO of Nightingale.
Steve Curd, CEO of VantageMed, said, "Joining Nightingale gives us access to a leading EMR product portfolio and further delivers the operational and financial platforms that can support our existing customer relationships as well as our pursuit of new enterprise-sized opportunities throughout the U.S. market."
Nightingale's U.S. operations will be run by Steve Curd and his management team.
Nightingale is a provider of Internet-based electronic health record, EMR and practice management solutions, its software offerings including myNightingale, Entity and Physician WorkStation.