305.5亿元！美敦力欲大手笔收购全球ECMO三大生产商之一！

admin · 发表于 2020-10-14 12:48:05

                  <section data-role="paragraph" data-color="rgb(182, 228, 253)" data-custom="rgb(182, 228, 253)"><section><section><section><section powered-by="gulangu"><section><section><section><section powered-by="gulangu"><section><section><section><section powered-by="gulangu"><section><section><section><section powered-by="gulangu"><section><section><section><section><p><p><img src="image/20201014/86b79d371e9862b01189f0252a03b2cd_1.png" /></p></p></section><section><section><span><strong></strong></span></section><p><span>医疗器械媒体报道先锋</span></p><p><span>分享专业医疗器械知识</span></p></section><section><section><section><span>关注</span></section></section></section></section></section></section></section></section></section></section></section></section></section></section></section></section></section></section></section></section></section></section></section><p><br  /></p><p mpa-paragraph-type="body"><span>2020年，巨头美敦力的并购之路仍在继续......</span></p><p mpa-paragraph-type="body"><span><br  /></span></p><section data-mpa-template="t" mpa-from-tpl="t"><section mpa-from-tpl="t"><section mpa-from-tpl="t"><section mpa-from-tpl="t"><p><span><strong mpa-from-tpl="t" mpa-is-content="t">44亿美元，美敦力欲大手笔收购LivaNova</strong></span></p></section></section></section><section mpa-from-tpl="t"><section mpa-from-tpl="t"><section mpa-from-tpl="t"><p><br  /></p></section></section></section></section><p mpa-paragraph-type="body"><br  /></p><p mpa-paragraph-type="body"><span>近日，据Reorg Research报道称，美敦力正在与LivaNova进行早期收购谈判，这一消息受到LivaNova股东的好评。</span></p><p mpa-paragraph-type="body"><br  /></p><p mpa-paragraph-type="body"><span>据悉，LivaNova是一家全球性的医疗技术公司，公司致力于通过先进技术和突破性的治疗，为患者、医疗人士和医疗保健系统提供卓有成效的解决方案。</span></p><p mpa-paragraph-type="body"><br  /></p><p mpa-paragraph-type="body"><span>成立初期，LivaNova公司主要经营三大业务：心脏外科、神经调节和心律管理。目前，LivaNova公司的业务调整为心血管业务和神经调节业务。</span></p><p mpa-paragraph-type="body"><br  /></p><p><p><img src="image/20201014/bd6132763d2c180b5e7dd2691da3fa71_2.png" /></p></p><p mpa-paragraph-type="body"><br  /></p><section data-mpa-template="t" mpa-from-tpl="t"><section mpa-from-tpl="t"><section mpa-from-tpl="t"><section mpa-from-tpl="t"><p><span><strong mpa-from-tpl="t" mpa-is-content="t">拆分出售心血管业务，美敦力意图扩张神经调节业务版图</strong></span></p></section></section></section><section mpa-from-tpl="t"><section mpa-from-tpl="t"><section mpa-from-tpl="t"><p><br  /></p></section></section></section></section><p mpa-paragraph-type="body"><br  /></p><p mpa-paragraph-type="body"><span>事实上，作为全球第一大体外循环公司，LivaNova在人工心肺机领域一直处于全球领先地位，也是ECMO全球三大生产商之一。</span></p><p mpa-paragraph-type="body"><br  /></p><p mpa-paragraph-type="body"><span>ECMO俗称人工心肺机，能为重症病患者提供一定时间的心肺支持。在本次新冠肺炎疫情中ECMO发挥了非常大的作用，也是目前疫情防控中所急需的重点医疗设备。然而，受技术门槛、临床使用和市场需求等多重因素制约下，目前国内企业还没有一家能够生产。</span></p><p mpa-paragraph-type="body"><br  /></p><p mpa-paragraph-type="body"><span>而此次美敦力的收购中却提出，将要拆分LivaNova，保留其神经调节业务并出售其心血管业务。</span></p><p mpa-paragraph-type="body"><br  /></p><p mpa-paragraph-type="body"><span>此外，Reorg Research表示，波士顿科学、爱德华兹生命科学和强生可能也正对LivaNova感兴趣。</span></p><p mpa-paragraph-type="body"><br  /></p><p mpa-paragraph-type="body"><span>Needham＆Co.的分析师Mike Matson进行了部分汇总分析，分别评估了LivaNova的心血管和神经调节业务。</span></p><p mpa-paragraph-type="body"><br  /></p><p mpa-paragraph-type="body"><span>Matson分析表明，LivaNova的心血管业务价值14亿美元，其神经调节业务价值25亿美元，总价值为39亿美元。</span></p><p mpa-paragraph-type="body"><br  /></p><p mpa-paragraph-type="body"><span>“此次收购LivaNova ，可以加强美敦力的神经调节业务。并且，我们认为LivaNova是被低估了，尤其是考虑到其产品线，不过一切都还尚未确定。”</span></p><p mpa-paragraph-type="body"><br  /></p><p mpa-paragraph-type="body"><span>由此可见，美敦力此次大手笔收购 LivaNova，无疑是要进一步发展旗下神经调节业务。</span></p><p mpa-paragraph-type="body"><br mpa-from-tpl="t"  /></p><section data-mpa-template="t" mpa-from-tpl="t"><section mpa-from-tpl="t"><section mpa-from-tpl="t"><section mpa-from-tpl="t"><p><span><strong mpa-from-tpl="t" mpa-is-content="t">并购仍在谈判中，业务拓展尚未有定论</strong></span></p></section></section></section><section mpa-from-tpl="t"><section mpa-from-tpl="t"><section mpa-from-tpl="t"><p><br  /></p></section></section></section></section><p mpa-paragraph-type="body"><br  /></p><p mpa-paragraph-type="body"><span>美敦力旗下业务分为四大版块：心血管业务（简称 CVG）、微创外科业务（简称MITG）、恢复治疗业务（简称RTG），以及糖尿病业务（简称DIAB）。</span></p><p mpa-paragraph-type="body"><br  /></p><p mpa-paragraph-type="body"><span>据美敦力最新公布的2020年第三季度财报显示，最新季度总营收为77.6亿美金，同比增长2.9%。其中，恢复治疗业务营收21.11亿美元，同比增长4.2%，是四大业务版块中增幅最大的版块。而神经调节业务正属于这一版块。</span></p><p mpa-paragraph-type="body"><br  /></p><p mpa-paragraph-type="body"><span>恢复性疗法业务分为脑部治疗、脊柱、特殊疗法、疼痛治疗四个业务版块。在恢复治疗业务中，美敦力旗下多个产品于2019年获得FDA批准上市。</span></p><p mpa-paragraph-type="body"><br  /></p><p mpa-paragraph-type="body"><span>2019年2月7日，美敦力宣布其用于治疗动脉瘤的Pipleline Flex血流导向装置通过获得了FDA临床研究用器械豁免(Investigational Device Exemption, IDE) ，可将适应症扩展到了栓塞中、小型颈内动脉岩段至终末段宽颈动脉瘤，将进一步扩大该产品的市场份额。</span></p><p mpa-paragraph-type="body"><br  /></p><p mpa-paragraph-type="body"><span>2019年2月20日，美敦力宣布用于治疗难治性癫痫的脑起搏器获得FDA批准，并且已开始首例上市后临床应用。这款产品将使得美国超过100万患有癫痫，但又无法被药物控制的难治性癫痫患者获益。</span></p><p mpa-paragraph-type="body"><br  /></p><p mpa-paragraph-type="body"><span>2019年2月28日，美敦力宣布Accurian? RF射频消融设备获得FDA批准。该产品通过射频消融去除病变的神经组织，达到减轻疼痛的作用。</span></p><p mpa-paragraph-type="body"><br  /></p><p mpa-paragraph-type="body"><span>2019年4月30日，美敦力在美国市场推出了神经介入Solitaire?取栓支架系列的第四代产品Solitaire? X。与前几代产品相比，当其与配套的Phenom? 21输送导管结合使用时，该支架更容易被输送到血栓部位，使得医生的操作更为方便快捷。</span></p><p mpa-paragraph-type="body"><br  /></p><p mpa-paragraph-type="body"><span>而值得一提的是，此前美敦力在恢复治疗业务上也曾有一起收购事件。</span></p><p mpa-paragraph-type="body"><br  /></p><p mpa-paragraph-type="body"><span>2019年6月27日，美敦力收购椎间植入物公司Titan Spine。该公司主要生产钛材质椎间植入物，可在椎间融合术中使用，插入到椎骨中，降低手术过程对神经带来的压迫，减少手术疼痛。收购该公司后，美敦力将拥有包括植入物、手术工具、生物因子等产品的范围最广脊柱手术产品线，巩固其在脊柱手术操作方案创新者的领导地位。</span></p><p mpa-paragraph-type="body"><br  /></p><p mpa-paragraph-type="body"><span>本次对LivaNova收购完成后，美敦力提供脊髓刺激，深部脑刺激和神经调节产品，但不提供迷走神经刺激（VNS）。根据Matson的说法，LivaNova是VNS的市场领导者，该公司的神经调节市场份额为9％，这将使LivaNova的VNS产品与Medtronic的神经调节业务相辅相成。</span></p><p mpa-paragraph-type="body"><br  /></p><p mpa-paragraph-type="body"><span>他的分析基于这样的假设：美敦力将以44亿美元（合每股85美元）的价格收购LivaNova，并以14亿美元的价格出售心血管业务。他估计，这笔交易将使美敦力公司2021年的每股收益增长不到1％。</span></p><p mpa-paragraph-type="body"><br  /></p><p mpa-paragraph-type="body"><span>“但是，如果LivaNova在这三个方向中的任何一个可行，随着时间的推移，这笔交易都可能会增加利润，因为我们相信这三个项目中的每一个都可以产生5亿美元甚至更多的销售额。”</span></p><p mpa-paragraph-type="body"><br  /></p><p mpa-paragraph-type="body"><span>换言之，美敦力此次的并购项目仍在洽谈阶段，未来是否有其他业务的合作尚未有定论。而毋庸置疑的是，2020年，美敦力将大刀阔斧地进行扩张神经调节业务的版图。</span></p><p><br  /></p><p><span>来源：QMED、思宇医械观察、器械汇、医疗器械经销商联盟</span></p><p><br  /></p><section data-role="outer" label="Powered by gulangu"><section data-role="paragraph" data-color="#757576"><section data-role="paragraph"><section><section><section data-brushtype="text"><strong>相关阅读</strong></section></section></section><section><section><br  /></section></section><section data-width="100%"><section><section><section><section data-width="100%"><section data-tools="gulangu" data-id="87578" data-color="#6aa9ad" data-custom="#59c3f9"><section><p><img src="image/20201014/2aac877ff9233ba5a66e7a5ff3a4febf_3.gif" /></p></section><section data-brushtype="text">戳一下，更有料！</section></section><section data-tools="gulangu" 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