GE Healthcare acquires Caption Health to deliver AI-enabled ultrasound image guidance
Key Insights and Signals – Hospital & Healthcare
Centre Setup and Expansion Henry Ford Health plans USD 2.5 Bn project Henry Ford Health announced a development plan in Detroit over the next decade, including a new hospital, medical research facility, and residential and recreational components. The project will be anchored by an expanded healthcare campus, including a new one million-square-foot-plus facility and patient tower, with 877 patient beds housed among both facilities. Read More>> UPMC increases access to specialty care in Lancaster county To meet the growing local demand for convenient access to UPMCs specialty services, UPMC has opened a new orthopedic unit at UPMC Lititz. It features 13 beds with four dedicated orthopedic/spine nurses, including a nurse navigator for education and coordinated discharge care. Read More>>Deals Garuda Aerospace and Narayana Health join hands to transport biomedical supplies Drones in the healthcare industry have proven to be a game changer, saving time and improving outcomes. With Garuda’s Sanjeevani drone, Narayana Health can quickly transport bio-medical supplies, ensuring patients receive timely diagnoses and treatments. Read More>> Quest Diagnostics teams up with Tower Health to deliver high-value and innovative laboratory services Under the multi-year agreement, Quest will provide laboratory supply chain expertise, including purchasing capital equipment, supplies, and reagents. It will also continue to perform reference testing for Tower, in addition to further exploring additional opportunities that drive long-term value for both organizations. Read More>>Executive Movements India-born professor Meghana Pandit named CEO of Oxford University Hospitals NHS Trust Meghana, who was named to the post on a fixed term basis in 2022, has now been appointed permanently after a rigorous and competitive process concluded after an extensive national and international recruitment search. Read More>> Munson Healthcare appoints new CFO Paul Konopacki joined the health system as chief financial officer. His well-rounded senior leadership experience spans physician practices, hospitals, risk-based contracting, and finance and accounting management. Read More>>Financial and Market Activity Apollo Hospitals consolidated Q3 net slides 33% Apollo Hospitals reported a 33% drop in the third-quarter profit, hurt by weakness in its digital business. Consolidated net profit plunged to INR 1.53 Bn (USD 18.48 Mn) for the three months ending Dec. 31, from INR 2.28 Bn a year earlier as total expenses surged about 22%. Read More>> Labcorp sees a sharp decline in COVID testing revenue in 2023 Labcorp posted its fourth consecutive quarterly revenue decline, estimating a 90% decline in COVID testing revenue this year amid the waning pandemic impact. Meanwhile, quarterly revenue continued to drop, reaching USD 3.67 Bn with a ~9% YoY decline as revenue from the company’s diagnostics segment contracted ~13% YoY to USD 2.29 Bn, mainly driven by falling COVID-19 testing. Read More>> Sonic Healthcare’s 1st half net profit falls 54% as PCR test demand ebbs Sonic reported a 54% fall in half-year net profit as the global shift toward treating Covid-19 as endemic reduced demand for PCR tests. The net profit of AUD 382.4 Mn (USD 265 Mn) for the six months through December, compared to AUD 827.7 Mn a year earlier. Read More>>
Key Insights and Signals in Medical Devices
Layoff Grifols to lay off 8.5% of the workforce under the USD 427 Mn savings plan Grifols plans to lay off around 2,300 employees, or 8.5% of its global workforce, amid a strategy overhaul to reach annual savings of around EUR 400 Mn (USD 426.8 Mn). It will fire 300 people, mainly in the United States and some in Spain. Read More>> Baxter to cut global workforce up to 5% as part of cost reduction Baxter would cut its global workforce by up to 5% as part of a cost-reduction program. The action will come in tandem with an operating redesign expected to be finalized this spring. As of the end of last year, It had 60,000 workers globally, including 19,000 in the U.S., meaning a 5% cut would represent about 3,000 workers. Read More>> Thermo Fisher lays off 230 people in San Diego Thermo Fisher will cut 230 jobs in San Diego amid sliding demand for COVID-19 testing products, economic uncertainty, and layoffs at three San Diego genetic sciences facilities last week. The largest headcount reduction — 183 people — is at the company’s 6190 Cornerstone Court location. Read More>>Centre Setup and Expansion Thermo Fisher Scientific expands single-use technology in China The company opened an 80,000 m2 current good manufacturing practices facility in Hangzhou, China. The facility leverages single-use technologies in both drug substance and drug product manufacturing with the flexibility to support a wide range of production scales and volumes. Read More>>Merger and Acquisition GE Healthcare to acquire Caption Health The acquisition supports the company’s USD 3 Bn ultrasound business by adding AI-enabled image guidance to ultrasound device portfolios. It helps enable affordable, convenient access to point-of-care ultrasound imaging for various clinical uses. Read More>>Partnership Cytek Biosciences partners with Bio-Rad to expand reagent portfolios Under the terms of the agreement, Bio-Rad’s exceptionally bright, high-performing new StarBright Dyes will be available to Cytek to develop and commercialize reagent products to support high-parameter applications on Aurora and Northern Lights flow cytometry systems. Read More>>Executive Movements Bausch + Lomb to name Brent Saunders CEO Brent Saunders will be Bauch + Lomb’s new CEO and Chairman of the board, marking his return to the leadership at the Canadian eye-care firm. Mr. Saunders, known for his dealmaking capabilities, will replace Joseph Papa, who resigned as board chairman in June before announcing his departure as CEO until a successor is appointed, but not later than Jun. Read More>> Axogen, Inc. appoints Jens Schroeder Kemp as Chief Axogen appointed Jens Schroeder Kemp to the newly created role of CMO. As an Axogen executive leadership team member, Kemp will report directly to Karen Zaderej, Chairman, CEO and President. He will oversee the development and execution of the company’s marketing strategies. Read More>>Financial and Market Activity ABB India shares surge as net profit jumps 58% YoY In Q4 of 2022, the company’s orders grew 4% YoY to INR 2,335 Cr (USD 282.1 Mn), while the order backlog rose 32% YoY to INR 6,468 Cr (USD 781.5 Mn). This provides revenue visibility and is well-aligned to support growth plans in the coming quarters. Read More>> Dexcom reports fourth quarter and fiscal year 2022 financial results In the fourth quarter of 2022, worldwide revenue grew 17% to USD 815.2 Mn, up from USD 698.2 Mn in the fourth quarter of 2021. GAAP gross profit totaled USD 541.3 Mn or 66.4% of revenue for the fourth quarter of 2022, compared to USD 472.6 Mn or 67.7% of revenue in the fourth quarter of 2021. Read More>>
Key Insights and Signals in Pharmaceutical
Deals Celltrion signs a deal with a U.S. firm for joint research on antibody medication Celltrion signed a contract with Rani Therapeutics to develop an oral antibody medication. The company will exclusively provide its biosimilar CT-P43, referencing Stelara, to Rani’s upcoming clinical and non-clinical tests for RT-111, and have a preferential right to develop and sell the drug globally. Read More>> Theranica agrees to commercialize Nerivio(r) in India with Dr. Reddy’s Laboratories Theranica announced a strategic license and supply agreement with Dr. Reddy’s Laboratories Ltd. for the exclusive marketing and distribution of FDA-approved Nerivio in India, subject to the completion of the regulatory approval process in India. Read More>> Celltrion and LISCure Biosciences to develop microbiome therapy for Parkinson’s disease The two companies aim to co-develop live bio-therapeutic products, or LBPs, for Parkinson’s disease. Celltrion will provide LISCure Biosciences with research funds, while LISCure Biosciences will be responsible for the initial development stage. Read More>>Product Launch Akums got DCGI’s nod to launch their drug for uncontrolled diabetes in India Haridwar-based Drugs and Pharmaceutical Limited announced the launch of a novel antidiabetic drug for poor insulin resistance in type-2 diabetes. Lobeglitazone is manufactured specifically for type-2 diabetes patients, and it helps them improve pancreatic beta-cell function. Read More>>Merger and Acquisition Ipsen to buy Albireo The acquisition of Albireo will provide immediate incremental sales and strengthen Ipsen’s rare disease infrastructure. Under the terms of the agreement and plan of merger, Ipsen, through a fully owned subsidiary, will initiate a tender offer to acquire all outstanding shares of Albireo for USD 42 per share in cash at the transaction’s closing. Read More>> Chiesi Farmaceutici to acquire Amryt Pharma for USD 1.48 Bn Chiese Farmaceutici signed a definitive agreement to acquire Amryt Pharma in a total deal valued at up to USD 1.48 Bn. The Boards of Directors of both companies have unanimously approved the transaction. Read More>>Partnership Moroccos Laprophan and China’s Sinopharm sign healthcare cooperation pact The cooperation of the Belt and Road Initiative will include pharmaceutical preparations, active ingredients, consumables production, medical devices, and equipment. The agreement also includes transferring technologies with plans to set up local production of certain pharmaceuticals. Read More>>Executive Movement Catalent appoints Joseph A. Ferraro as Sr VP, General Counsel, Chief Compliance Officer, and Secretary Joseph A. Ferraro will manage Catalent’s global legal and compliance operations. He has extensive experience in similar senior roles at public companies and most recently served as Chief Legal Officer and Secretary for Innovate Corp. Read More>>Product Recall Biocon recalls 3,665 bottles of antifungal drugs in the US for failed degradation specifications USFDA noted that the New Jersey-based Biocon Pharma Inc is recalling the affected lot due to Failed Impurities/Degradation Specifications. Read More>> Sun Pharma recalls blood pressure meds in the US The Ministry of Health is warning the public about the voluntary recall of a generic drug used to manage high blood pressure supplied to the United States. The recall comes as a batch of the drug failed stability and dissolution testing at a US Food and Drug Association laboratory. Read More>>
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Latest Industry Insights from Draup Braindesk
Key Funding Alert
Creo Medical is seeking to raise GBP 30.2 Mn (USD 36.2 Mn) to maintain business momentum
Creo Medical will raise funds via a share placing, subscription, and open shareholder offer and will use the money to maintain momentum in the business. In addition, the company is offering shareholders the chance to buy 26 million discounted shares. Read More>>
Startup Spotlight
Company – NOCD Total Funding– USD 84 Mn About: With NOCD, users can have face-to-face video therapy sessions with licensed therapists that specialize in OCD, as well as get 24/7 support between sessions from self-help tools and peer communities. Read More>>
Latest Reports Published in Draup
Demant Account Intelligence Report
Demant develops hearing devices, implants, diagnostics, and communications to help hearing-loss people connect and communicate. Its revenue increased by 27% in FY2021 compared to FY2020 due to revenue growth in hearing care, hearing aids, and diagnostics. Read More>>
Insulet Corporation Account Intelligence Report
Insulet focuses on controlling insulin levels using a smartphone by downloading an app on a compatible personal smartphone or using the Omnipod 5 Controller, which provides the first prescription. Read More>>
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