RUSH, N.Y. and JAMESTOWN, R.I., Dec. 19, 2016 /PRNewswire/ -- On Thursday, December 15, 2016, Cosmed Group, Inc. (www.cosmedgroup.com) acquired the ethylene oxide sterilization operation in Erie, PA from iuvo BioScience, LLC (www.iuvobioscience.com), marking a significant strategic move by both companies.
"We are thrilled to expand our core business of contract sterilization in the medical device industry, and to continuing service to iuvo BioScience's many loyal customers," stated David Howe, Chief Operating Officer of the Cosmed Group.
"The decision to divest our ethylene oxide sterilization operation was made to sharpen our focus on our core strategy as a leading laboratory service provider for the pharmaceutical and medical device industries," said Ben Burton, President & CEO of iuvo BioScience. "Since we will continue to provide laboratory services to our sterilization customers, it was important to find the right partner to consummate the deal – a company that possessed strong sterilization expertise and embraced our 'client-first' culture. In Cosmed, we found the ideal partner."
The details of the deal were not disclosed; however the two companies will maintain a very close relationship, serving existing clients and entering into a preferred partner relationship.
"Cosmed's acquisition marks our return to this business sector after an eleven-year hiatus. The marketplace is hungry for choices in this arena and Cosmed has responded. This event launches what will be an expanding portfolio of contract sterilization services inside North America and beyond. The partnership with iuvo provides our customers access to coordinated sterilization and laboratory testing services," said Howe.
Burton concluded, "We are excited about closing this deal with Cosmed and are confident that our clients will see no difference in the service, technical rigor and supply chain assurance they have become accustomed to under iuvo BioScience. As the industry's only Partner Research Organization (PRO™), we look forward to further developing our core laboratory, R&D, technical services and consulting business, and serving the needs of our pharmaceutical and medical device clients around the globe."
About iuvo BioScience
iuvo BioScience is a Partner Research Organization (PRO) serving the medical device and pharmaceutical industries. The Company offers technical and regulatory consulting services, contract laboratory services and contract sterilization out of its two locations, in Rush, New York, and Erie, Pennsylvania. More information on the Company's services and capabilities is available on the Company's website at www.iuvobioscience.com.
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SOURCE iuvo BioScience