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Medical innovator LivaNova has a new stated focus: it won’t go outside the head and the heart when it comes to potential M&A and technology development projects. It has set out short- and longer-term solutions to boost sales and/or profitability in its neuromodulation and cardio franchises. What is certain is that eight months into his tenure as CEO, Damien McDonald is stamping his imprint all over LivaNova.
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The market for minimally invasive weight loss devices will reach more than $290 million by 2021, according to a new report from Informa’s Meddevicetracker. Issues relating to laparoscopic adjustable gastric banding systems will result in a greater emphasis being placed on intragastric balloons, which will grow at twice the segment average.
Philips, a giant of the medical systems and software industry, maintains its strategic direction with organic and external growth. That was illustrated in one recent four-month period in which the group made seven acquisitions, adding to its non-invasive diagnostics portfolio Electrical Geodesics and bolstering its steps in therapeutic medical devices with the acquisition of Spectranetics. But whatever the target, the same ground rules apply.
Life sciences investors pumped around $15 billion into 175 biotech, medtech and diagnostics firms that went public during the 2014–16 IPO window. To understand what may be in store for those firms and their backers, In Vivo reexamines the fate of a previous generation of companies, the IPO Class of 1997.
Bristol's $2.4 billion buyout of Medarex in 2009 yielded value equivalent or greater to that realized in larger M&A transactions signed that year, such as Pfizer/Wyeth, Merck/Schering-Plough and Roche/Genentech. The deal made BMS a leader in immuno-oncology and by most accounts is the highlight of the pharma's "string of pearls" strategy.
Life sciences mergers and acquisitions are typically based on perceived future value rather than objective financial parameters, but the cognitive biases inherent in subjective assessments can derail deals. Executives need to take emotion out of the equation and rely on relevant data to craft successful transactions.
Time is the least considered driver of asset valuations in life sciences – and may be a factor behind the low level of M&A deals so far this year. ICON’s Andy Smith provides some advice to the C-suite and business development managers on strategies to clarify the duration aspect in risk-sensitive transaction negotiations.
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