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MedTech 100 roundup: Industry continues climb

One week after hitting an all-time best mark, the medtech industry has done it again, reaching new heights on Wall Street.

MassDevice‘s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — continued its rise, finishing the week (July 9) at 114.79 points, a rise of 0.2% from the 114.59-point mark registered a week prior on July 2.

The new high comes in was just 0.21 points ahead of the 114.58-point mark set in April — the industry’s all-time best performance before last week beat it by one point.

Medtech’s performance continues to reflect an overall rebound from the struggles brought on by the COVID-19 pandemic, too. The industry has registered a 24.3% rise from the pre-pandemic high of 92.32 (set on Feb. 19, 2020), plus an 84.6% increase from the mid-pandemic low of 62.13 (March 23, 2020).

The positive movement in medtech aligns with an uptick in the overall markets this past week, as the S&P 500 Index ri…

MedTech 100 roundup: Stocks top pre-pandemic high

After weeks of flirting with the heights hit before COVID-19 ravaged the markets, medtech stocks finally topped the pre-pandemic high last week.

MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — spiked up to 93.11 points on Sep. 2, nearly a full point ahead of the pre-pandemic high of 92.32, which the market reached on Feb. 19.

Medtech stocks had hit a previous mid-pandemic high of 91 points last week, hanging around there before the sudden rise to 93.11, which was followed by a quick dip to 90.64 points 24 hours later.

The index dipped from that peak, though, sitting at 89.29 points at the end of last week (Sep. 4). Overall, medtech stocks saw a -1.6% decrease from the 90.78-point total at the same time a week prior (Aug. 28).

The most recent high mark represents a 0.9% rise from the Feb. 19 high point of 92.32, while the tally at the end of the week marks a -3.3% decrease from that pre-pande…

Stryker may sell certain assets to enable Wright Medical purchase

Stryker (NYSE:SYK) has proposed a plan to divest certain assets to Colfax (NYSE:CFX)/DJO Global in an effort to complete its acquisition of Wright Medical (NSDQ:WMGI).

Kalamazoo, Mich.-based Stryker’s proposed divestitures of its STAR total ankle replacement product, plus related assets, and its finger joint replacement products, is in connection with the Federal Trade Commission’s review of the ongoing effort to purchase Wright Medical, according to an SEC filing.

Stryker’s proposal needs regulatory approvals and the execution of definitive documents, so there is no guarantee that it will go through, the filing said.

The acquisition has been in the works for several months, as Stryker announced the $4.7 billion purchase in November 2019. Since then, the FTC increased its scrutiny of the proposed merger in January and a Wright Medical shareholder filed a proposed class-action lawsuit to block it later that month, in addition to probing …

MedTech 100 roundup: Industry reaches new heights again

The past month has seen a resurgence from medtech companies in the markets and last week saw the best performance yet.

MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — sat at 90.78 points at the end of last week (Aug. 28). Overall, medtech stocks saw a 1.3% increase from the 89.6-point total at the same time a week prior (Aug. 21).

While 90.78 points is already the highest total on which the index has ended a week during the COVID-19 pandemic, just the day before, the index hit 91 points even, marking the highest point total since the pandemic took its toll.

The most recent high mark represents just a -1.4% dip from the Feb. 19 high point of 92.32, while the tally at the end of the week marks a -1.7% decrease from that pre-pandemic high.

Meanwhile, the S&P 500 Index saw a 3.3% increase from Aug. 14 to Aug. 21, having steadily climbed since reaching record highs on Aug. 18. Meanwhile, the …

Stryker extends its bid for Wright Medical — again

Stryker (NYSE:SYK) announced today that it extended the offering period of its cash tender offer for all shares of Wright Medical (NSDQ:WMGI).

Kalamazoo, Mich.-based Stryker’s indirect, wholly-owned subsidiary, Stryker B.V., officially extended the offering period until an expiration date of 5 p.m. ET on Aug. 31, 2020 back in June. Today’s extension sets the expiration of the offer at 5 p.m. ET on Sep 30, 2020, unless it is further extended or earlier terminated, according to a news release.

As of the end of yesterday, more than 13.6 million Wright Medical ordinary shares (10.5% of the outstanding shares) have been validly tendered pursuant to the offer and not properly withdrawn. An additional 729,308 Wright Medical shares (0.6% of outstanding ordinary shares) were tendered pursuant to guaranteed delivery procedures.

Shareholders who already tendered their Wright Medical ordinary shares do not have to re-tender their shares or take any other actio…

Mayo Clinic performs first shoulder arthroplasty with Wright Medical mixed reality tech

Blueprint mixed reality technology [Image courtesy of Wright Medical]

Wright Medical (NSDQ:WMGI) today announced the first shoulder arthroplasty procedure performed using its Blueprint mixed reality technology.

Dr. Joaquin Sanchez-Sotelo performed the procedure at Mayo Clinic’s Rochester, Minn. campus, with the Blueprint software providing a 3-D holographic view of the pre-operative plan.

“This procedure is an important milestone for shoulder arthroplasty and marks a major step in the evolution of Blueprint mixed reality technology in shoulder surgery,” said Wright Medical CEO Robert Palmisano. “For the first time in shoulder arthroplasty, surgeons will be able to interact with their 3-D pre-op plan in real-time to more precisely tailor shoulder joint replacement procedures to the unique needs and anatomy of their patients.”

“By integrating other solutions in the futur…

MedTech 100 roundup: Stocks tick back up to open July

After a solid start to July, the medtech industry continues to experience a stock market roller coaster amid the COVID-19 pandemic.

MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — sat at 84.25 points at the end of last week (July 3). That total represents a 2.9% increase from the 81.88-point total at the same time a week prior (June 26), resulting in another significant direction change, following a -3.7% dip just one week before.

Meanwhile, the S&P 500 Index saw a 4% bump from June 26 to July 2 (market close before a holiday), and the Dow Jones Index fared similarly well, posting a 3.2% increase over the same period of time. Both indexes mirrored the medtech industry’s changes, having each posted decreases the week prior.

Medtech’s lowest point during the COVID-19 pandemic remains at 62.13 on March 23. Since then, the industry’s stocks have experienced 35.6% growth in total. Stocks in the indu…

UK officials question market impact of Stryker-Wright Medical merger

The United Kingdom Competition & Markets Authority (CMA) issued a statement of concern over the impact of the purchase of Wright Medical (NSDQ:WMGI) by Stryker (NYSE:SYK).

CMA believes that, should the $4.7 billion acquisition go through, it would have a “negative impact on vulnerable patients in the U.K. who need ankle replacements,” according to a news release.

After a Phase 1 investigation, the CMA observed that the purchase would result in the merged entity obtaining a share of over 90% in the total ankle replacement prostheses market in the U.K., leading to concerns over a lack of competition from other suppliers and potentially higher prices or fewer choices for hospitals and their patients.

CMA launched a probe into the acquisition in May, saying it will decide by July 15, 2020,if it will launch the second phase of its investigation. It now says Stryker and Wright have until July 7 to address its concerns through the offer of under…

Stryker extends tender offer for all Wright Medical shares

Stryker (NYSE:SYK) announced today that it extended the offering period of its cash tender offer for all outstanding shares of Wright Medical (NSDQ:WMGI).

The company announced its acquisition of Wright Medical in November 2019. Since then, the FTC increased its scrutiny of the proposed merger in January, a Wright Medical shareholder filed a proposed class-action lawsuit to block the acquisition later that month and the U.K. began a probe into the merger last month.

Also in May, Stryker announced that it entered into an underwriting agreement in connection with a $2.3 billion offering set to finance the acquisition.

Stryker’s indirect, wholly-owned subsidiary, Stryker B.V., officially extended the offering period until an expiration date of 5 p.m. ET on Aug. 31, 2020, unless it is further extended or earlier terminated.

According to a news release, as of June 26, more than 10.4 million Wright Medical ordinary shares, representing 8.1% of the…

Stryker announces $2.3b offering to finance Wright Medical purchase

Stryker (NYSE:SYK) announced that it entered into an underwriting agreement in connection with a $2.3 billion offering set to finance its purchase of Wright Medical (NSDQ:WMGI).

The underwriting agreement is with BofA Securities, Citigroup Global Markets and Wells Fargo Securities. The offering, which Stryker expects to be completed on June 4, will result in the company issuing $640 million in 1.15% notes due 2025, $1 billion in 1.95% notes due 2030 and $650 million in 2.9% notes due 2050, according to a news release.

Stryker expects to collect nearly $2.3 billion from the offering. Combined with the proceeds from the company’s $2.6 billion (€2.4 billion) notes offering completed in December 2019, the funds are earmarked for consummating the acquisition of Wright Medical and for related fees and expenses. Any remainder is set to be used for general corporate purposes.

The company announced its acquisition of Wright Medical in November 2019. Since t…

U.K. probing Stryker-Wright Medical merger

The U.K. Competition and Markets Authority has begun an investigation into the proposed $4.7 billion merger of Stryker (NYSE:SYK) and Wright Medical (NSDQ:WMGI).

Announced in November 2019, the merger would have Stryker pay $30.75 per share to acquire all of the issues and outstanding ordinary shares of Wright Medical. With outstanding convertible notes, total enterprise value is set at $5.4 billion. At the time of the announcement, the companies expected the acquisition to close in the second half of 2020.

The U.K. antitrust body’s investigation follows one opened in December 2019 by the U.S. Federal Trade Commission. The Competition and Markets Authority said it will decide by July 15, 2020, whether it will launch a second phase of its investigation.

Kalamazoo, Mich.-based Stryker is the world’s largest orthopedic device company, with sales of $14.89 billion in 2019. Wright Medical, based in Amsterdam, posted net sales of $920.9 million for…