Medtronic PLC said late Thursday that it plans to buy the Israel-based Mazor Robotics Ltd. for $1.64 billion in cash.
Mazor stock is up 7.5% and Medtronic fell less than 0.1% after hours. The S&P 500 index closed up 0.8%. Medtronic, a medical technology maker, said it would pay $58.50 for each American Depository Share of Mazor, which makes robotic guidance systems that are applied to medical tech.
“The Mazor team and product portfolio’s full integration into Medtronic will maximize our impact globally through Medtronic’s channels, advance our systems’ leadership position in the marketplace, and drive the realization of our vision to heal through innovation,” said Mazor CEO Ori Hadomi.
The acquisition is expected to close during Medtronic’s third fiscal quarter, which ends Jan. 25, 2019.
By Max A. Cherney
Novo Nordisk has announced that the European Medicines Agency’s (EMA) Committee for Medicinal Products for Human Use (CHMP) has provided a positive opinion for the company’s Sogroya therapy. The once-weekly treatment – also known as somapacitan – is for the replacement of endogenous growth hormone (GH) in aged children three years and older.
Medtronic is set to acquire EOFlow, the South Korea-based maker of an insulin patch pump. In its announcement of the deal Thursday, Medtronic suggested that integrating the tubeless device with its own continuous glucose monitors and meal-detection algorithm could create a new closed-loop system for largely hands-off diabetes management.
Apnimed started the year by bagging nearly $80 million in extended series C funds and the momentum has kept up, with the sleep-apnea-focused biotech nailing its goals in a phase 2 study. “For those who cannot tolerate current treatments, AD109 has the potential to be a convenient, oral pill that could improve people’s quality of life both at night and during the day.”