Luther Medical Suitor Drops Out

Luther Medical Products Inc., a medical device manufacturer, said Monday that MedChem Products Inc. has, as expected, withdrawn its proposal to buy Luther.

Just last month, Luther Medical’s board of directors rejected an offer by MedChem of Woburn, Mass., as “inadequate.” In September, Luther Medical had received the offer from MedChem to acquire Tustin-based Luther for cash and MedChem common shares.