Third Cardiovascular Giant Coming With $25 Bil. Abbott-St. Jude Deal
This article was originally published in The Gray Sheet
The previously rumored acquisition was announced on April 28, with the firms touting their extensive synergies in the cardiovascular space.
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Medtech companies brought in $1.5 billion in Q2 2016, 15% less than Q1, with debt offerings accounting for more than half the total; acquisitions more than doubled due to Abbott's $25 billion takeover of St. Jude Medical. Diagnostics financings were down 34% from Q1 and acquisition volume, also lower, was mainly Thermo Fisher Scientific's $4.2 billion buy of FEI.
While conflicting reports have surfaced regarding the veracity of allegations from a short-seller that a significant number of St. Jude cardiac rhythm management devices have serious cybersecurity flaws, FDA says plans to complete an initial assessment of the allegations soon. The Minnesota device-maker, meanwhile, says it is suing the short-seller for disseminating false information.