Derived from Strategic Transactions, Informa’s premium source for tracking life sciences deal activity, the Dealmaking column is a survey of recent health care transactions listed by relevant industry segment – In Vitro Diagnostics, Medical Devices, and Pharmaceuticals – and then categorized by type – Acquisition, Alliance, or Financing. This month’s column covers deals announced February through March 2014.

Invuity Inc. is bringing a bright new look to the surgical field with a new type of illumination that is giving surgeons the opportunity to see inside the human body better than ever before. The company’s Eigr waveguide system directs standard light through a maze of advanced optical polymer structures that reflect and direct the light so it shines uniformly across – as one surgeon describes it – a “deep, dark incision.” Surgeons say the additional light enables them to do surgeries more quickly and effectively, and Invuity says someday its light might be capable of doing much, much more.

In the first four-plus months of 2004, there have been two medical device IPOs, compared to zero last year. Yet while a couple of companies does not a trend make, nevertheless, five more device hopefuls in the queue are cautiously optimistic that public investors are beginning to back at least certain kinds of medical device companies. But which kinds? Cutera Inc. raised $45.6 million in its IPO the last day of March [See Deal]. You could say that the company has made a strong start in an enormous, underpenetrated device market, and one that doesn't suffer from reimbursement risk-the consumer market for cosmetic procedures. But Cutera isn't just a story stock; it's a company with a record of predictably ramping up sales and earnings.

Long part of a German foundation dedicated to improving optical science, Carl Zeiss Meditec has transformed itself into a more entrepreneurial entity, hoping to capitalize on the booming ophthalmics market. For Zeiss, the timing couldn't be better--driven by soaring demographics and new technology, the industry is hot. Plus an industry ripe for consolidation plays well into Zeiss' plans. The only question is: does Zeiss' foundation heritage help or hinder its efforts?