Henry Schein, a leading provider of healthcare products and services, has completed the acquisition of a majority interest in TriMed, a California-based company specializing in orthopedic devices for the lower and upper extremities. The acquisition strengthens Henry Schein's portfolio in the orthopedic market and expands its product offering.
TriMed, founded by David Medoff and Robert Medoff, will continue to be part of the management team, ensuring a smooth transition and ongoing innovation. In 2023, TriMed reported net sales of approximately $52 million, highlighting its strong presence in the market.
The acquisition is expected to have a neutral impact on Henry Schein's non-GAAP earnings per share in 2024, with subsequent accretive effects. This strategic move further solidifies Henry Schein's position as a leader in the healthcare industry, particularly in the field of orthopedic extremities.
In other news, Shimadzu Medical Systems USA, a medical division of Shimadzu Precision Instruments, Inc., has acquired California X-ray Imaging Services, Inc. (CIS) to expand its Healthcare Business in North America. CIS, located in Vacaville, CA, has been an authorized dealer of medical imaging products since 1992. The acquisition is expected to enhance customer relationships and provide high-quality service support in the region. Shimadzu believes this expansion will contribute to more involvement in the healthcare market and help provide uniform high-quality service to customers on the West Coast of the U.S.
BridgeBio Pharma presented results from an exploratory CMR imaging substudy of the ATTRibute-CM Phase 3 trial of acoramidis in patients with transthyretin amyloid cardiomyopathy. The study showed that treatment with acoramidis was associated with possible cardiac structural and functional improvement compared to placebo, with potential cardiac amyloid regression. The CMR imaging parameters measuring cardiac structure remained stable or showed a trend towards improvement on acoramidis over 30 months, while measures of cardiac function, including left ventricular ejection fraction and stroke volume, were preserved or showed a trend towards improvement compared to placebo. Acoramidis was well-tolerated with no safety concerns. BridgeBio's New Drug Application (NDA) for acoramidis has been accepted by the U.S. Food and Drug Administration (FDA) with a PDUFA action date of November 29, 2024, and a Marketing Authorization Application (MAA) has been accepted by the European Medicines Agency (EMA) with a decision expected in 2025.
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In other news, StoneBridge Acquisition Co. (NASDAQ:APAC) experienced a decrease in short interest of 11.5% in February, with the short interest as of February 15th being 2,300 shares, down from 2,600 shares on January 31st. The short-interest ratio is currently 0.8 days. StoneBridge Acquisition has a twelve month low of $8.80 and a twelve month high of $13.99.
Institutional investors and hedge funds have recently bought and sold shares of the company. Westchester Capital Management LLC acquired a new stake in StoneBridge Acquisition valued at about $372,000. Berkley W R Corp acquired a new stake in the company valued at about $34,000. Shaolin Capital Management LLC lifted its holdings in StoneBridge Acquisition by 200.0% in the 3rd quarter. Shaolin Capital Management LLC now owns 114,678 shares of the company's stock valued at $1,267,000. Mizuho Securities USA LLC lifted its stake in StoneBridge Acquisition by 68.2% during the third quarter. Mizuho Securities USA LLC now owns 168,155 shares of the company's stock valued at $1,824,000. Quarry LP purchased a new stake in StoneBridge Acquisition during the second quarter valued at about $1,626,000. 42.83% of the stock is owned by institutional investors and hedge funds.
In other news, Glenn Tobin, a director of TruBridge, Inc. (NASDAQ:TBRG), purchased 10,500 shares of the company's stock on March 7th at an average cost of $8.04 per share, for a total value of $84,420. Following the acquisition, Tobin now owns 34,347 shares in the company, valued at $276,149.88. TruBridge, Inc. is a healthcare information technology solutions provider. The company's stock traded up 11.3% on the news, reaching $8.98 per share. Cantor Fitzgerald has reiterated an 'overweight' rating and set a target price of $24.00 on TruBridge shares.
Raymond James has assigned an Outperform rating to BridgeBio Pharma and set a price target of $45. The firm believes that oral TTR-stabilizers, specifically BridgeBio Pharma's acoramidis and Pfizer's tafamidis, will continue to be the preferred first-line therapy for patients with ATTR-CM. Despite concerns about RNAi therapeutics challenging the dominance of TTR-stabilizers, recent developments have diminished the likelihood of early use of Alnylam Pharmaceuticals' vutrisiran. Raymond James also mentioned an ongoing intellectual property dispute involving BridgeBio, but there is cautious optimism that Pfizer's patents will be upheld through 2035. If Pfizer's patent protection holds, BridgeBio Pharma is projected to capture approximately 20% of the estimated $15 billion total addressable market for this therapy, equating to around $3 billion in peak sales. Raymond James has conservatively modeled risk-adjusted peak net sales of approximately $1.6 billion for BridgeBio Pharma.
Oppenheimer has reduced its price target for DiaMedica Therapeutics Inc. to $6 from $7 while maintaining an Outperform rating. DiaMedica reported fourth quarter 2023 earnings per share of ($0.12), beating Oppenheimer's estimate and the consensus on Wall Street. The Phase 2/3 ReMEDy2 trial for acute ischemic stroke (AIS) is progressing positively, with most U.S. sites expected to be operational by Q3 2024. The trial has been amended to focus solely on moderate anterior circulation AIS cases, potentially reducing risk. However, the historical difficulties in enrolling patients for stroke trials have led to a revised timeline, with full enrollment expected for an interim analysis by Q1 2025. Oppenheimer's price target adjustment reflects the enrollment delay and associated risks. DiaMedica Therapeutics is actively working towards advancing its ReMEDy2 trial for the treatment of AIS. [27dcd465]
Bio company Aribio has received approval from the European Union (EMA) to conduct a global phase 3 clinical trial for the oral Alzheimer’s disease treatment candidate ‘AR1001’. The trial will be conducted in 7 European countries, including Germany, France, Spain, Italy, Denmark, the Netherlands, and the Czech Republic. The final clinical trial will involve 300 patients at 70 clinical centers in 8 European countries. The phase 3 study, called POLARIS-AD, will also be conducted in the US, UK, Europe, and Korea, with 1,150 patients at over 200 clinical centers in 11 countries. The study aims to evaluate the efficacy and safety of AR1001 in patients with early-stage Alzheimer’s disease. Aribio CEO Jeong Jae-jun expects the expansion of clinical trials in Europe to have a positive effect on global sales rights negotiations.
Serum Institute of India has acquired a 20% stake in US-based IntegriMedical, a company that has developed a needle-free injection system called N-FIS. The partnership aligns with Serum Institute's vision of 'Health for All' and IntegriMedical's mission to transform global healthcare by providing patient comfort, reducing needle-stick injuries, and enhancing the efficacy of liquid medication. N-FIS has regulatory approvals and patented technology and will soon be available in the Indian private market. Adar Poonawalla, CEO of Serum Institute, envisions a needle-free solution for vaccine administration. The collaboration between Serum Institute and IntegriMedical aims to expand access to care and improve efficiencies in the global healthcare industry.
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