Royal Philips Electronics, Amsterdam, the Netherlands, announced plans earlier this month to buy ADAC Laboratories, Milpitas, Calif., in a deal valued at about $426 million. The ADAC acquisition will round out Philips' diagnostic imaging portfolio, bringing nuclear medicine, particularly positron emission tomography into the mix, the companies said (See special report, p. 48). The deal is conditioned on Philips acquiring at least 90% of ADAC.
The Food and Drug Administration earlier this month approved two new medical devices that use radiation to prevent scar tissue and the recurrence of a blockage-a complication that can occur when metallic stents are used in conjunction with balloon catheters to open narrowed coronary arteries. The devices, called intravascular brachytherapy systems, are the first of their kind. The new devices are the Cordis Checkmate System, developed by Cordis Corp., Miami, and the Novoste Beta-Cath System, manufactured by Novoste Corp., Norcross, Ga.
Neoforma.com, San Jose, Calif., earlier this month signed a 10-year agreement with Medbuy Corp. that makes Neoforma the exclusive Internet purchasing provider for the London, Ontario, purchasing group. Terms were not disclosed. Medbuy, owned by 14 Canadian healthcare institutions, represents more than 170 facilities that collectively buy more than $300 million in hospital supplies annually.
The Federal Trade Commission earlier this month asked Tyco International to refile its premerger notification documents for the acquisition of InnerDyne, Sunnyvale, Calif. The refiling extends the waiting period for FTC clearance to Dec. 9. Consequently, Bermuda-based Tyco, which has U.S. headquarters in Exeter, N.H., has extended the expiration date of its share-exchange offer to Nov. 29. Under terms of the proposed purchase, valued at approximately $180 million, Tyco is offering to exchange a fraction of its shares valued at $7.50 for each share of InnerDyne stock. Tyco makes disposable medical products, diagnostic imaging equipment and pharmaceuticals.
The National Association of Pharmaceutical Manufacturers, a Ronkonkoma, N.Y.-based trade group for the generic drug industry, has formed a generic biologics committee to support biotechnology-derived generic drug development. The committee comprises representatives from member firms and will work with legislators, regulators and the scientific community to facilitate the approval and marketing of generic biologics.