The Big Deal: Medical Device M&AMonday, November 9
7:15 p.m. - Presentation (following dinner)
Come hear the stories of three of the biggest deals in recent OC history, including Abbott and AMO ($2.8B), Medtronic and CoreValve ($700M+), and Bausch & Lomb and Eyeonics (undisclosed). During this lively panel discussion, you'll hear from both sides of the table and discover what it took to plan, structure and execute the deals that have made Orange County a hotbed of M&A activity over the past two years. Speakers:
Matthew Jenusaitis, President and CEO, OCTANe(Moderator)
Matthew Jenusaitis is the President and CEO of OCTANe, an Orange County, CA non-profit organization focused on catalyzing innovation, starting new biomedical and high technology companies, and creating jobs. Matthew is an experienced medical device industry professional with more than 25 years of engineering, sales and marketing, and executive level general management experience.
Before OCTANe, Matthew worked with the venture backed accelerator fund, ConcepTx, identifying unmet clinical opportunities and developing new technologies and companies. Prior to ConcepTx, Matthew was and executive in residence for the private equity firm Warburg Pincus, LLC. This led to Matthew assuming the role of President of ev3 Neurovasuclar, one of Warburg’s portfolio companies. Matthew led their growing division (formerly MicroTherapeutics Inc., now a wholly-owned company subsidiary) through a combination of organizational development activities, and by launching and developing markets for a number of new products, including the AxiumÒ Embolization Coil and the Onyx® Liquid Embolic System.
Prior to ev3, Matthew spent 15 years at Boston Scientific Corp., where he served in numerous executive marketing and general management positions. His most recent position with Boston Scientific was as the president of the $600 Million Peripheral Interventions Division (formerly Medi-Tech) leading the acquisition and integration of Cryovascular Systems, Inc. and EndoTex, Inc.. Prior to Peripheral Interventions, Matthew led the integration of Interventional Technologies increasing their annual revenues from $25 Million in 2001 to more than $150 Million in 2003. Before that, he held executive marketing and marketing management positions in the Microvasive Endoscopy, International, and Scimed Life Sciences division. During his career, Matthew also spent 8 years at Baxter healthcare in both marketing and engineering management positions.
Matthew holds a bachelor of science in chemical engineering cum laude from Cornell University, a master of science in bio-chemical engineering from Arizona State University and a master of business administration from University of California, Irvine.
Dan Lemaitre, Former CEO, CoreValve Dan Lemaitre most recently served as the President and CEO of CoreValve which was acquired by Medtronic in April 2009. CoreValve’s unique self-expanding percutaneous aortic valve has been implanted in more than 4,000 patients since obtaining CE Mark in 2007. At the time of acquisition end-market revenue was annualizing at a $100MM run-rate. Mr. Lemaitre led negotiations that led to the sale of CoreValve in a deal worth $700MM in cash, with an additional $150MM payable upon the achievement of milestones.
Prior to joining CoreValve, Mr. Lemaitre was a Senior Vice President at Medtronic where he led strategic planning and corporate development. Dan was also a member of Medtronic’s executive and operating committees. While at Medtronic, he helped revamp the strategic planning process. In addition, more than 50 acquisitions, divestitures and license deals were completed during his tenure, including the $4.2 billion acquisition of Kyphon.
Prior to joining Medtronic, Dan spent 28 years in the medical device field as an investment analyst. He began his career as a buy-side analyst in 1978 working at National City Bank in Cleveland and later, Standish Ayer & Wood in Boston.
His sell-side career included 18 years with SG Cowen, where he was a managing director and led the health care research team. In 1999, Dan moved his team to Merrill Lynch where he headed-up the medical technology effort for six years. During his Wall Street tenure, Dan was named to Institutional Investor’s All American research team for 19 consecutive years, capturing first place honors a record 8 times as the top ranked medical supply and technology analyst in the country.
Dan has a BA in Economics (1976) from Bethany College (West Virginia) and an MBA (1978) from Bowling Green State University in Ohio. He is a Chartered Financial Analyst. Originally from Woodbury, Connecticut, Dan is married and has two daughters. Lemaitre is a trustee for Lawrence Academy in Groton Massachusetts and served for ten years on the board of Emerson Hospital in Concord, Massachusetts.
James V. Mazzo, President, Abbott Medical Optics
Senior Vice President, Abbott James (Jim) Mazzo is senior vice president at Abbott and president of Abbott Medical Optics Inc. (AMO), the global leader in advanced refractive technologies for eye care professionals and patients. Headquartered in Santa Ana, California, AMO offers market-leading technologies and services designed to address vision disorders at all stages of life.
Mr. Mazzo assumed the position of president following the company’s February 2009 acquisition by Abbott [NYSE: ABT], a global, broad-based healthcare company with more than $29 billion in annual sales. Previously, he was chairman and CEO of Advanced Medical Optics, Inc., a position he assumed following the company’s 2002 spin-off from Allergan.
While CEO of Advanced Medical Optics, Mr. Mazzo grew the company’s sales from $538 million in 2002 to more than $1 billion in 2008 and increased the market cap from approximately $429 million to approximately $1.5 billion. During this time, he also engineered several strategic acquisitions worth more than $3 billion, staking the company to clear leadership positions in the cataract and eye care markets and the global No. 1 position in refractive surgery.
Prior to leading AMO, Mr. Mazzo progressed throughout a 22-year career at Allergan, where he held a variety of senior executive-level positions. He spent approximately 12 years working outside the United States, as president of Allergan’s Europe/Africa/Middle East region, vice president and managing director (Italy), and director of marketing (Canada).
Mr. Mazzo is a strong believer in education and serves on the University of California at Irvine (UCI) Dean’s Board of Directors’ Executive Committee, UCI Dean’s Board of Business and Engineering and is chairman of the UCI Foundation. He is a trustee for Chapman University and the University of San Diego. Additionally, Mr. Mazzo is a member of the International Intraocular Implant Club (IIIC) and sits on the boards of AdvaMed, the world’s largest medical device organization, and OCTANe. Mr. Mazzo actively works with federal, state and local elected officials to address a variety of issues that impact the ophthalmic and medical device industries.
Sean Murphy, Vice President, Licensing/New Business Development, Abbott
Sean Murphy is Vice President, Licensing/New Business Development. Murphy joined Abbott in 1979 and held several positions in Finance, Operations and Marketing within the Hospital Products Division. In 1997, he was named Divisional Vice President, New Business Development for Abbott's Hospital Products Division. In 2000, he was named Divisional Vice President and General Manager of Perclose. He assumed his current role in Jan. of 2003.
Prior to joining Abbott, Murphy was an associate for an international management consulting firm. He is a member of the American Institute of Certified Public Accountants, the American Heart Association and the Licensing Executive Society. Murphy earned a bachelor's degree in finance from Western Illinois University in Macomb and a master's degree in finance from the University of Illinois in Champaign and is a Certified Public Accountant from the state of Illinois, and he currently resides in Lake Forest, Ill.
Stephen N. Oesterle, M.D., Senior Vice President for Medicine and Technology, MedtronicStephen N. Oesterle, M.D., joined the company in 2002 as Senior Vice President for Medicine and Technology. In this role, Steve provides executive leadership for Medtronic scientific research, formation of technological strategies and continued development of strong cooperative relationships with the world's medical communities, technical universities, financial institutions and emerging medical device companies.
Previously, Steve served as Associate Professor of Medicine at the Harvard University Medical School and as Director of Invasive Cardiology Services at Massachusetts General Hospital, Boston. A teacher and innovator in the field of cardiac catheterization, he has also developed and directed interventional cardiology programs at Good Samaritan Hospital, Los Angeles; at Georgetown University; and at Stanford University.
Steve is a 1973 summa cum laude graduate of Harvard College and received his medical doctorate from Yale University in 1977. He completed his internship and residency at Massachusetts General Hospital and also served a fellowship in interventional cardiology at Stanford.
Charles Warden, Managing Director, Versant Ventures
Charles Warden has been an active medical device venture investor since 1992. Charles works closely with entrepreneurial device companies from inception along the path to success. Prior to joining Versant he was a general partner at Schroder Ventures Life Sciences (now SV Life Sciences) where he led SV’s medical device effort.
Previously, Charles worked with Boston Capital Ventures, where he concentrated on medical device and other healthcare investments. Before becoming a venture capitalist, Charles was a consultant with Monitor Company, a strategy consulting firm.
Charles has served on numerous medical device company boards, including the following currently: AcuFocus, Celula, Concentric Medical, Glumetrics, Halscion, iTherapeutix, and WaveTec. Prior board memberships include Insulet (Nasdaq: PODD), Confluent Surgical (acquired by Covidien), CardioFocus, Liposonix (acquired by Medicis), Neovista, Sadra Medical, and Heritage Health Systems (acquired by Universal American Financial Corp). Since its inception, Charles has been actively involved with The Innovation Factory, a medical devices incubator. He is also involved in ForSight Labs, an ophthalmic incubator. Charles holds a Bachelor’s degree from Beloit College and an MBA from Harvard Business School.
