Diagnostics, Mergers & Acquisitions

Covidien, Ltd. (NYSE: COV) recommended cash offer to acquire Tissue Science Laboratories plc (AIM:TSL) from Archangel Informal Investments Limited, The Vertical Group and other shareholders for £35.99 million on March 12, 2008. The offer per share is £1.04. The offer per share represents a premium of approximately 88.2% over the closing price of £0.55 on March 11, 2008 and a premium of approximately 71.8% over the average closing price of £0.60 over the

LMA North America, Inc. and LMA Medical Innovations Ltd. agreed to acquire the pain management business from Breg, Inc. for approximately $6.88 million on March 17, 2008. On closing, $5.88 million will be paid in cash and the remaining will be paid based on the achievement of a revenue benchmark in the first six months post acquisition.

Tekomag AG and Brigitte Preuss agreed to acquire Bfe Studio Und Medien Systeme Gmbh from Siemens AG (DB: SIE) on March 17, 2008. The terms of the transaction were not disclosed. Tekomag AG and Brigitte Preuss will buy 94.5% stake and 5.5% stake respectively. The acquisition will be complete in coming weeks. For the year ended December 31, 2007, Bfe Studio Und Medien Systeme Gmbh reported revenues of €71.8 million.

Nicholas Piramal India (NPIL) is in discussions for the sale of a small stake in its research company, Piramal Life Sciences, top officials at the company said. “We will get additional funding within one-year of listing of the company,” said Chairman Ajay Piramal. “We have been approached by several PE funds, but this is still early days.” Piramal Life Sciences will be listed in India in the first or second week of June.

Nicholas Piramal India (NPIL) is in discussions for the sale of a small stake in its research company, Piramal Life Sciences, top officials at the company said. “We will get additional funding within one-year of listing of the company,” said Chairman Ajay Piramal. “We have been approached by several PE funds, but this is still early days.” Piramal Life Sciences will be listed in India in the first or second week of June.

Draxis Health Inc stated that it was in exclusive discussions with an unnamed party that could lead to the sale of the company. Draxis Health indicated that there was no guarantee that the discussions would continue or that they would result in an agreement.