Medtronic Acquires Ablation Frontiers, Sequenom and Exact Sciences Go a Second Round, Qualcomm CEO Reflects on Strategy, & More San Diego BizTech News
It was like a real-world version of a TV game show in San Diego last week, with some companies announcing a “deal”—and some saying “no deal.” Let’s get on with the show:
—Minnesota’s Medtronic (NYSE: MDT) gladdened the hearts of investors in Ablation Frontiers of Carlsbad, CA, by agreeing to pay $225 million upfront to acquire the cardiac device company.
—In the “No Deal” category, the board of Marlborough, MA-based Exact Sciences (NASDAQ: EXAS) started the week by rejecting a buyout offer from San Diego diagnostics firm Sequenom (NASDAQ: SQNM). Sequenom announced two days later it plans to acquire all shares in the cancer test maker’s common stock anyway. Stay tuned, because this one is far from over.
—In a bit of corporate self-reflection, Qualcomm CEO Paul Jacobs says the San Diego wireless technology company—which controls almost 9,000 patents—is “much more about working with other companies” today. Jacobs added that Qualcomm’s legal battles with its rivals, which amounted to a “religious war,” were over.
—San Diego’s Fallbrook Technologies says the $25.4 million it landed in its first round of venture funding is a testament to the strength of its revolutionary got an adjective/gearless or something transmission technology. Cleantech fund NGEN Parnters and the Netherlands’ Robeco Cleantech private equity led the investment.