Orthopedic News Roundup 1-Jul-05
BY HUYEN NGUYEN, JULY 1, 2005
Anika Therapeutics got hit earlier this week due to First Albany downgrading the stock from buy to neutral; stock dropped 13% at the close. Meanwhile, Biomet reported its 4Q:05 and FY ends: spinal revenues increased by 27% and 34%, respectively. This week, there were a few acquisition activities that took place. First, Genzyme acquired Bone Care for approximately $600 million, while Theken is buying Therics from Tredegar Corp. for an undisclosed amount. Langer is seeking to expand its business by hiring an investment banking firm to assist with acquisition activity. In the area of bone graft substitutes, two companies received positive news regarding product updates: Biocoral received a patent from the Japanese Patent Office and OsteoBiologics (OBI) announced commercial launch of a syringe delivery system. In the extremity sector, Ascension Orthopedics signed an exclusive distribution agreement with Polyganics for its resorbable nerve tube. BioMedical Enterprises has hired ex-Abbott Spine's VP of Sales & Marketing, Todd Fanning, as the new president. There were many additional exciting news releases this week and we welcome you to read our own analysis on the following companies: Orthofix, IsoTis, Symmetry and U.S. Spine
