Medtronic might acquire LivaNova’s neuromodulation business

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Is Medtron­ic eye­ing LivaNo­va for a takeover? (MASS Device):

“Some indus­try ana­lysts are spec­u­lat­ing that Medtron­ic (NYSE:MDT) might want to acquire LivaNo­va (NSDQ:LIVN) for its neu­ro­mod­u­la­tion busi­ness … “While we think that this deal could make sense since it would bol­ster MDT’s neu­ro­mod­u­la­tion busi­ness and since we believe that LIVN is under­val­ued par­tic­u­lar­ly con­sid­er­ing its pipeline, we think it is far from a cer­tain­ty,” Need­ham & Co. ana­lyst Mike Mat­son wrote sep­a­rate­ly on Friday.

“We think the deal as described above would be pos­i­tive for MDT,” Mat­son wrote. “MDT is the mar­ket leader in neu­ro­mod­u­la­tion and we esti­mate that its neu­ro­mod­u­la­tion mar­ket share is 43%. MDT offers spinal cord stim­u­la­tion (SCS), deep brain stim­u­la­tion (DBS), and sacral neu­ro­mod­u­la­tion (SNM) prod­ucts but does not offer vagal nerve stim­u­la­tion (VNS). In con­trast, LIVN is the mar­ket leader in VNS and we esti­mate that its neu­ro­mod­u­la­tion mar­ket share is 9%. Giv­en this, we believe that VNS would be com­ple­men­tary to MDT’s cur­rent neu­ro­mod­u­la­tion business.”

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