A mining company in Norway has found up to 70 billion tonnes of phosphate rock in the southwestern part of the country, along with deposits of other strategic minerals like titanium and vanadium, which are used in the aerospace and defense industries. With up to 70 billion tonnes of the rock, and a projected 4,500-meter-deep ore body, Norge Mining estimates it would be capable of meeting global phosphate demand for the next 100 years. The discovery addresses concerns regarding shortages in the raw material that is used to make lithium-ion batteries, which are used to power many medical devices.
While medtech M&A activity has been sluggish this year compared to last year, several recent deal announcements prove that the industry is still open to M&A. Thermo Fisher has agreed to acquire CorEvitas for $912.5 million; ResMed plans to acquire Somnoware; EDP Biotech and New Day Diagnostics intend to merge; and Coloplast has designs on Kerecis, a wound care company in Iceland.
And in case you missed our last Medtech in a Minute report...
After a heated proxy battle between Masimo and Politan Capital Management, shareholders elected both of Politan's nominees – Michelle Brennan and Quentin Koffey. Politan is a 9% shareholder of Masimo – an approximately $800 million investment that makes the firm one of Masimo's largest shareholders. The outcome raised several key questions for Masimo investors, including what it will mean for the company's controversial consumer business.
After an intense proxy battle with Carl Ichan, an activist investor, followed by the resignation of CEO Francis deSouza, Illumina appears to be at a major turning point. The biggest lingering question following these moves centers around the fate of Grail, a liquid biopsy company that originally spun out of Illumina, which the company re-acquired last year without regulatory approval.