M&A Analysis: Dealmaking Simmers In June
Medtech M&A activity waned in June, with the market showing signs of a summer slump. Twelve acquisitions were announced and closed during the month, a dip in activity compared to the 21 deals recorded in the same period last year, and the 17 recorded in May.
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The orthopedics giant will pay $27.50 per share for the Leesburg, Va., company, representing a 27% premium over K2M's average closing price over the last 90 days. The terms of the deal also call for K2M CEO to take over as president of Stryker's Spine business, displacing current president Bradley Paddock.
Bio-Techne has reached an agreement to acquire Exosome Diagnostics, putting the firm in a stronger position in the emerging liquid biopsy and precision medicine spaces.
Sirtex Medical has accepted the acquisition bid from the owners of CDH Genetech for Aus $33.60 per share, or $1.41bn, that was first announced in May. In January, Varian signed a deal to acquire Sirtex for Aus$28 per share ($1.28bn), but decided not to match CDH's bid, and Sirtex's board decided the higher sale price was worth the additional uncertainties that come with accepting the offer.