St. Jude Medical, Inc.NYSE
Tue, Oct. 18, 8:16 AM
- Abbott (NYSE:ABT) and St. Jude Medical (NYSE:STJ) have agreed in principle to sell certain products to Terumo (OTCPK:TRUMF)(OTCPK:TRUMY) for $1.12B in cash. The transaction, contingent on the successful completion of Abbott's $25B acquisition of St. Jude, includes St. Jude's Angio-Seal and Femoseal vascular closure products and Abbott's Vado Steerable Sheath.
- Abbott will retain its vascular closure products, including the Perclose ProGlide Suture-Mediated Closure System, StarClose SE Vascular Closure System and Prostar XL Percutaneous Vascular Surgical System.
- Abbott adds that its expects to mitigate any impact on non-GAAP earnings related to the sale of the assets.
Wed, Jul. 13, 5:12 AM
- The FTC has requested additional information from Abbott Laboratories (NYSE:ABT) and St. Jude Medical (NYSE:STJ), which are attempting to complete a $25B deal combining two of the leading makers of heart-related devices.
- The request extends the waiting period - the time frame before companies can close a transaction - by 30 days.
Thu, Apr. 28, 6:56 AM
- Hot off the press: Abbott Labs (NYSE:ABT) acquires St. Jude Medical (NYSE:STJ) for $25B. Developing...
- Update: Under the terms of the deal, St. Jude shareholders will receive $46.75 in cash and 0.8708 of a share of Abbott common stock representing a total per-share value of $85. Abbott intends to fund the cash portion with medium- and long-term debt.
- The deal will be accretive to Abbott's non-GAAP EPS in the first year post close, adding $0.21 in 2017 and $0.29 in 2018. Anticipated pre-tax synergies should be $500M by 2020.
- The combined annual sales of the Abbott's cardiovascular business and St. Jude is ~$8.7B, with #1 or #2 market positions across almost every area in cardiovascular devices.
- Separately, Abbott plans to issue $3B of common stock in the secondary market to rebalance its capital structure. Timing has yet to be determined.
- Abbott will host a conference call this morning at 8:00 am ET to discuss the transaction.
- In premarket trading, ABT is down 5% and STJ is up 27%, both on robust volume.
Oct. 8, 2015, 5:52 PM
- St. Jude Medical (NYSE:STJ) closes on its acquisition of Thoratec (NASDAQ:THOR), a deal it struck this summer for $3.4B that will add key products to St. Jude's heart failure portfolio.
- All shares of Thoratec outstanding at the close today have been converted to the right to get $63.50 in cash, and the shares will be delisted from Nasdaq.
- St. Jude expects the deal to be accretive to EPS in 2016. Analyst consensus for 2016 earnings per share is $4.34 on $5.87B in revenues.
Oct. 7, 2015, 4:31 PM
Aug. 27, 2015, 9:05 AM
- Abbott Laboratories (NYSE:ABT) has denied a report that it's preparing an offer for St. Jude Medical (NYSE:STJ) that would value the medical device maker at about $25B.
- St. Jude shares have now pared back their gains in early trading after surging 17% on the rumor.
- STJ +4.9% premarket
- Previously: FT: Abbott prepping $25B takeover offer for St. Jude (Aug. 27 2015)
Aug. 27, 2015, 7:18 AM
- Abbott Laboratories (NYSE:ABT) is preparing a takeover bid for St. Jude Medical (NYSE:STJ) that is likely to value the medical device maker at $25B, FT reports.
- Sources say the firm has been working with advisers for several weeks, lining up the financing for a cash and stock offer.
- Abbott and St. Jude already have a strong alliance in the field of cardiovascular devices, and a full merger would give the enlarged company greater leverage in negotiating with healthcare providers.
- STJ +13.2% premarket
- Update: Quoting a spokesperson, Bloomberg says Abbott isn't making an offer for St. Jude.
Jul. 22, 2015, 7:57 AM
- St. Jude Medical (NYSE:STJ) acquires Thoratec (NASDAQ:THOR) for $63.50 per share ($3.4B). The price represents a 10% premium over yesterday's close of $57.58. The deal should be accretive to STJ's revenue and earnings growth in 2016. The transaction is expected to close in Q4.
- The agreement includes a 30-day go-shop period during which THOR can solicit other offers.
Jul. 21, 2015, 12:41 PM
Apr. 20, 2015, 1:07 PM
- St. Jude Medical (STJ +0.8%) exercises its option to acquire Menlo Park, CA-based Spinal Modulation for $175M plus additional payments based on FDA clearance of the Axium Neurostimulator System and the achievement of certain revenue targets.
- The company has had a relationship with Spinal Modulation since January 2013, when it secured exclusive rights to distribute Axium in ex-U.S. territories. It also made a $40M equity investment in the intraspinal neuromodulation therapy firm.
- St. Jude expects to complete the transaction this quarter.
Jul. 14, 2014, 9:58 AM
- St. Jude Medical (STJ -0.8%) enters into a definitive agreement to acquire privately-held NeuroTherm, a maker of interventional pain management therapies, for ~$200M in cash. The company expects to conclude the transaction in late Q3. NeuroTherm will add $10M - 15M to STJ's top-line sales in 2014.
- NeuroTherm's technology utilizes radiofrequency ablation (RFA) to treat spinal pain.
May 28, 2014, 12:58 PM
Oct. 14, 2013, 7:11 AM
- St. Jude Medical (STJ) has completed the acquisition of Nanostim, the developer of the world's only wireless pacemakers, for $123.5M upfront and a further $65M based on regulatory and sales goals.
- St. Jude expects to soon introduce the pacemaker in select European markets after it received the EU's CE approval.
- St. Jude first invested in Nanostim in 2011 and said in February this year that it intended to acquire the company. (PR)
Aug. 19, 2013, 8:32 AM
- St. Jude Medical (STJ) has bought Swiss-based Endosense for an initial $170M and up to $161M in milestone payments.
- Endosense develops TactiCath, which allows physicians to monitor the amount of force they apply to the heart wall during a catheter ablation procedure to remove or stop a faulty electrical pathway.
- "Force sensing is a tremendous advancement in cardiac ablation that will potentially improve safety and efficacy, likely becoming a standard for all cardiac ablations," says Dr Vivek Reddy of Mount Sinai Hospital in New York. (PR)