Medtech in a Minute: FTC Orders Medtronic to Divest, and More

Quickly catch up on the latest medtech news from Medtronic, Bioventus, Globus Medical, and others.

Amanda Pedersen

May 16, 2022

2 Min Read
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Medtronic Closes Intersect ENT Deal

Medtronic closed on its $1.1 billion acquisition of Intersect ENT. The closing came a few days after the Federal Trade Commission ordered the Dublin-based company to divest Intersect's Fiagon business within 10 days of the acquisition. Medtronic said that Fiagon was divested simultaneously at the close, and those products ― Cube navigation system and VenSure balloon sinus dilation system ― were not included in the acquisition.

Bioventus Needs Another Way to Pay for CartiHeal

Bioventus still wants to buy CartiHeal, but now the company will have to find a different way to finance the deal, which was announced just a month ago. The company withdrew its offering of senior notes citing current market conditions and is exploring alternative financing options for the $315 million upfront payment to acquire CartiHeal. The deal also calls for an additional payment of about $135 million due upon the achievement of $100 million in trailing 12-month sales.

Globus Needs to Rebound in Q2

Globus had a weaker first quarter than investors have seen in the past, but analysts are optimistic for a Q2 rebound. The company began shipping its Excelsius 3D imaging system in May and has successfully completed the first surgeries at several sites. The company threw investors and analysts a curveball a few weeks ago with the news that Dave Demski was stepping down from his post as president and CEO. The board promptly promoted Dan Scavilla to take Demski's place.

And in case you missed our last Medtech in a Minute report...

Well-Respected CEO Stepping Down

Shacey Petrovic is stepping down as president and CEO of Insulet. Jim Hollingshead, who currently serves as president of the sleep and respiratory care business at ResMed, will replace Petrovic on June 1. "We believe CEO Petrovic was well-respected, having led a period of strong growth and business transformation at [Insulet]," said Marie Thibault, a medtech analyst at BTIG.

J&J's Big News in Surgical Robotics

Johnson & Johnson's Ethicon business won FDA clearance for the Monarch platform (through the Auris Health subsidiary) to be used in endourological procedures. The news should bring some much-needed attention to J&J's surgical robotics program. The regulatory milestone makes Monarch the only multispecialty, flexible robotic solution for use in both bronchoscopy and urology, the company noted.

Abbott Makes Strides in Sexually Transmitted Infection Detection

Abbott’s latest FDA clearance will enable the company to detect four common sexually transmitted infections with the Alinity m assay. The assay is a multiplex test that Abbott says will help address increasing rates of sexually transmitted infections. The pandemic has contributed to a decline in routine screening and an increase in cases, the company noted.

About the Author(s)

Amanda Pedersen

Amanda Pedersen is a veteran journalist and award-winning columnist with a passion for helping medical device professionals connect the dots between the medtech news of the day and the bigger picture. She has been covering the medtech industry since 2006.

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