Laborie Medical Technologies, a leading global developer and manufacturer of medical diagnostics and devices in the pelvic health and gastroenterology market, today announces the execution of a definitive agreement to acquire Clinical Innovations for an enterprise value of $525 million.
Clinical Innovations is a leading global provider of clinician-preferred medical devices for the labor & delivery (L&D) and neonatal intensive care unit (NICU) specialties.
“The acquisition of Clinical Innovations supports the successful evolution of our business and advances LABORIE’s strategy to invest in market leading technologies that address high-growth medical specialties, delivering clinical, access and/or economic advantages,” commented Michael Frazzette, President & CEO of LABORIE Medical Technologies. “Clinical Innovations provides LABORIE with a strong global presence in the L&D and NICU specialties, and the company’s diversified and differentiated market-leading product portfolio truly makes a difference for clinicians and their patients.”
Clinical Innovations is based in Salt Lake City with additional sales and logistics satellite offices in the US, Europe, Australia and China. The company’s clinically differentiated product portfolio includes:
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- Kiwi Complete Vacuum Delivery System is used to assist in what is known as an Operative Vaginal Delivery, where the delivery of a baby becomes more difficult due to baby position, fetal distress and/or maternal fatigue.
- Koala Intrauterine Pressure Catheter is a sensor-tipped intrauterine pressure catheter (IUPC) that monitors the strength of contractions during labor.
- ROM Plus Rupture of Membranes Test is a diagnostic test used to determine whether a mother’s membranes are ruptured during the start of labor. The test is known as an immunoassay, and assesses whether certain proteins exist that would indicate a ruptured membrane.
- babyLance is a heel lancet used to extract a blood sample to track the health of the baby. babyLance is unique as it offers an elliptical cut that reduces tissue swelling.
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“This is a promising deal that will add scale to Clinical Innovations,” said Ken Reali, President and CEO of Clinical Innovations. “We share a similar vision for the continued growth of Clinical Innovations. The combination of Clinical Innovations and LABORIE will have a positive impact for mothers, babies and healthcare professionals.”
“We look forward to welcoming the Clinical Innovations team to the Patricia Industries family and embarking on the next phase of growth together,” said Yuriy Prilutskiy, Managing Director at Patricia Industries, a part of Investor AB, and owner of LABORIE Medical Technologies. “We hope to leverage Patricia Industries’ healthcare expertise and global presence to further our shared commitment to provide innovative and comprehensive solutions that improve clinical outcomes for mothers and babies around the world.”
The deal is expected to close in early 2020, subject to the satisfaction of customary conditions.
Piper Jaffray acted as financial advisor and Cleary Gottlieb Steen & Hamilton LLP as legal advisor to LABORIE.
Source: Biospace
