ConvaTec Makes Competing Bid For Wound Care Company Kinetic Concepts
This article was originally published in The Gray Sheet
Kinetic Concepts Inc. would have to pay a break-up fee of $51.8 million to its current private equity merger partners if it accepts a superior, rival proposal from ostomy and wound care device maker ConvaTec.
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Medical device companies raised a total of $906 million in Q3, while in vitro diagnostic/research developers took in $72 million. The top M&As in each segment were private buyouts of public companies: Kinetic Concepts for $6.3 billion and Immucor for $1.9 billion.
CMS is moving forward as planned with a 10-fold expansion in the number of metropolitan areas where Medicare will pay for popular durable medical equipment at reduced, competitively bid rates.
Kinetic Concepts’ acceptance of a $6.3 billion private equity buyout deal with a consortium of investors, announced July 13, could mark the opening salvo of a bidding war for the wound care device maker.