Third-quarter device financing activity reached $3.3bn, a significant drop from Q2’s $9.5bn, although 45% of the Q2 dollars can be attributed to two billion-dollar plus transactions: Stryker Corporation's $2.28bn senior notes offering and Boston Scientific Corporation’s $1.95bn follow-on public offering (FOPO). The venture capital funding category made up the most (36%; with early- and late-stage categories making up 20% and 16%, respectively), followed by IPOs, which accounted for $886m, or 27%, of the Q3 total (see Exhibit 1).
Q3 venture rounds together totaled $1.2bn, more than doubling Q2’s $578m total. A $137m series B financing by Preventice Solutions, Inc., a digital healthcare technology and remote cardiac monitoring...