Multinational drug firms in Australia faced a string of barbs in hearings held by a Senate panel into transfer pricing that included a reference to a fictitious German World War II prison camp guard.
China's Universal Medical Financial & Technical Advisory Services priced its IPO at $447 million, FinanceAsia reported, showing further the ability of healthcare-focused companies, including biotechs, to raise cash on the Hong Kong Stock Exchange.
Patterson Companies is up almost 2% on news that it plans to sell its medical business to private equity firm Madison Dearborn Partners for $715 million in cash. The company has been looking to sell this unit, which is focused on physical rehabilitation products, in order to focus more closely on its higher growth businesses in dental and animal health.
ViewRay has nabbed up to $50 million in debt financing from healthcare investor CRG after canceling a proposed $52 million IPO in April. The cash will go to help commercialize its MRI-guided radiation therapy as well as to refinance existing debt.
Custom knee implant maker ConforMIS has priced the latest major med tech IPO with its $135 million offering on July 1. Investor appetite for large med tech IPOs raising more than $100 million remains whetted, despite the encroachment of the summer doldrums that can slow Wall Street activity to a crawl.
More than a few analysts and company executives are watching Indian drug companies in expectations of consolidation among smaller players and possibly daring moves by mid-cap and larger at home and abroad.
Wall Street remains skeptical of the first obesity device to be approved by the FDA in more than a decade. The agency approved VBLOC Vagal Blocking Therapy via the EnteroMedics Maestro System in January based on less-than-stellar pivotal data and a mixed panel review. Some investors are backing the company in its follow-on, which has raised $35 million, but at very steep terms.
We checked and everything is done correctly on our tax obligations, 9 drug companies said in separate submissions ahead of testimony on July 1 to an Australian Senate inquiry on tax avoidance.
Late in the day on Friday, Kansas City animal health company Aratana Therapeutics announced successful results of a pivotal trial of capromorelin (AT-002), which stimulates appetite in dogs. The company's shares skyrocketed 25% to $16.74 in after-hours trading.
Japan's efforts to blend cost savings and innovation are so tied up in broader national goals to revive the deflation-hit economy that a plan had to be drawn up for the next two decades--but the documents and slides to describe the ideas seem to deftly avoid any look at the hard choices needed.