Elizabeth Holmes is back in the mainstream news headlines this week as jury selection begins for her fraud trial. Opening statements are expected Sept. 8. The trial signals the beginning of the end of the industry's biggest scandal in recent history. Don't expect it to be a fast trial though, experts say it could take three months. Click the headline above for the full story. Or, for a quick visual of how Theranos' valuation skyrocketed and then plummeted, check out this graphic by News Editor Amanda Pedersen.
After weeks of speculation, Baxter confirmed this week that it has agreed to acquire Hillrom in a deal valued at $12.4 billion. The merger has the potential to expand access to Hillrom’s portfolio globally; broaden the presence of the combined companies across sites of care and accelerate and strengthen the combined organization’s digital transformation.
FDA cleared Zimmer Biomet's Persona IQ smart knee implant, making it the first "smart" knee implant on the market for total knee replacement surgery. The device was previously identified by MD+DI as one of the 10 Most Anticipated New Medical Devices expected to reach the U.S. market by the end of the year.
And in case you missed our last Medtech in a Minute report...
Abbott Laboratories emerged early on in the pandemic as a leading test maker for the virus that causes COVID-19. Now, the company is going on the defensive after The New York Times reported that the company instructed workers at its Westbrook, ME-based factory to discard materials used for making its rapid COVID-19 test, the BinaxNOW. Abbott said the discarded materials were at their seven-month shelf life and were disposed of in accordance with the company's standard inventory management process.
European regulators raised a brow at Illumina's decision to complete its acquisition of Grail. Illumina said it would hold Grail as a sepearate company until antitrust investigations were complete, but the European Commission said that's not good enough. The regulatory body opened an investigation to assess whether Illumina breached the "standstill obligation."
Declining COVID-19 testing volume has led LumiraDx to reduce the terms of its valuation for its Special Purpose Acquisition Corporation (SPAC) merger with CA Healthcare Acquisition Corp. The London-based company is taking the valuation from $5 billion to $3 billion.