Medamicus/Biomec
This article was originally published in The Gray Sheet
Executive Summary
Cardiac rhythm management and neuromodulation device lead and accessory supplier Biomec Cardiovascular, Inc. (BCI) will be acquired by percutaneous delivery system maker Medamicus for $18 mil. in cash and stock under a July 22 agreement. The deal will expand Medamicus' technology and OEM customer base, which includes Guidant, Medtronic, St. Jude, Cook and Bard. BCI sales "more than doubled" to $4.5 mil. for the first half of 2003, Medamicus notes. The firm simultaneously reported its second quarter sales from continuing operations of $4.3 mil., off 1%, in part due to decreased sales of advanced delivery systems. Trouble with the resin used in FlowGuard valved introducers also led the firm to suspend shipments of the device during the quarter; a re-launch is not expected until "late in the fourth quarter or early 2004," Medamicus says...