Private equity firm Platinum Equity offered to pay about $2.1 billion for Johnson & Johnson's glucose monitor business LifeScan in a deal that is expected to be completed by year-end. J&J, which has until mid-June to accept the offer, is now conducting a strategic review of its Calibra Medical division, which markets wearable insulin pumps, and plans to shut down its other diabetes care business, Animas, in an effort to exit the diabetes device market.
Orthofix agreed to pay $45 million in cash closing considerations plus up to $60 million in contingent milestone payments for privately held company Spinal Kinetics, which makes the M6-C and M6-L artificial discs for treating patients with degenerative disc disease.
A direct sale of Series A convertible preferred stock through agreements with institutional investors brought in $25 million for Corindus Vascular Robotics, which plans to use the net proceeds for general corporate functions. The company also intends to obtain access to $23 million in additional funding through a term loan and credit revolver agreement with Silicon Valley Bank and Solar Capital after completion of the stock transactions.
A round of funding involving 13 unnamed investors pulled in $1.2 million for Minnesota-based urology device startup UroCure, bringing the company's total funding to $2.5 million. The company, which aims to obtain total proceeds of $3.5 million in the round, is expected to use the funds to carry it through the research and development phase and into pursuing clearance from the FDA for its urethral slings to treat female stress urinary incontinence.
A 685-patient, 33-site trial published in the journal CHEST found Integrated Diagnostics' Xpresys Lung 2 test, also known as XL2, can detect early-stage cancer indicators LG3BP and C163A blood plasma proteins in 8mm to 30mm lung nodules. The test, which allows protein measurement to be combined with five standard-of-care clinical factors into a single risk assessment, demonstrated an error rate of 3%, compared with the 45% misclassification of cancers in standard of care.
UroViu's Uro-V single-use diagnostic cytoscopic system, designed for female diagnostic cytoscopy, was granted 510(k) clearance by the FDA. The self-contained, single-use diagnostic cystoscope facilitates visual urethra and urinary bladder assessment when there is suspected pathology or dysfunction.
GlaxoSmithKline Korea's oral male hair loss treatment Avodart, or dutasteride, has surpassed Merck's Propecia in market share in Japan. Avodart, which blocks the production of dihydrotestosterone, the cause of male pattern baldness, is also a treatment for enlarged prostate.
A report in the CDC's Morbidity and Mortality Weekly Report documents 10 cases of yellow fever among unvaccinated travelers coming back from Brazil, four of whom died. The CDC has updated its recommendations for travel vaccinations to include popular tourist destinations in Brazil.
Australia's Therapeutic Goods Administration detailed good clinical practice, regulatory and legislative requirements for conducting clinical trials in a handbook released Thursday. The handbook, which covers trials for medicines, medical devices, in vitro diagnostics and biologics, describes two schemes in which unapproved therapeutic goods can be used in clinical trials.