Medtronic Finishes Kanghui Purchase, Valeant Okays Securities Buyback: Healthcare Business Recap
The medical equipment firm Medtronic (NYSE:MDT) finalizes its purchase of China Kanghui Holdings (NYSE:KH), a supplier of orthopedic devices that is based in Jiangsu. The price tag of the acquisition was about $755 million. Executive Vice President and President of Medtronic’s Restorative Therapies Group Chris O’Connell estimated that China is one of the fastest-growing medical device markets, and has significant scale opportunities, adding that “Medtronic will establish a bigger and more direct local presence. Kanghui brings Medtronic a broad product portfolio, a strong local research and development and manufacturing operation, a vast China distribution network and an exceptional management team.”
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Valeant Pharmaceuticals International (NYSE:VRX) announced Monday in a press release that its board of directors has okayed a new securities buyback program. Through the terms which began November 15th, the firm can purchase up to $1.5 billion of its senior notes, common shares and/or other debt or shares that may be issued before the completion of the program. The new Securities Repurchase Program supplants the former securities buyback program that expired on November 7th.
Johnson & Johnson’s (NYSE:JNJ) Janssen-Cilag International reports that the oral, once-daily medication Zytiga has been granted a positive opinion recommending approval by the Committee for Medical Products for Human Use of the European Medicines Agency, for its use combined with prednisone or prednisolone for treating metastatic castration-resistant prostate cancer, in adult men who are asymptomatic or mildly symptomatic subsequent to failure of androgen deprivation therapy, and in whom chemotherapy is not yet clinically indicated. Upon endorsement by the European Commission, the recommendation would broaden the indication for Zytiga, which is currently approved for use in combination with prednisone/prednisolone to treat men with mCRPC, whose disease has progressed on or after a docetaxel-based chemotherapy regimen.
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