SAN DIEGO, Jan. 11, 2016 /PRNewswire/ -- ResMed (NYSE: RMD), the world's leading innovator in sleep-disordered breathing and respiratory care, today announced it has entered into a definitive agreement to acquire Inova Labs Inc., a privately-held medical device company specializing in the development and commercialization of innovative oxygen therapy products. Oxygen therapy is the largest non-drug delivery medical device segment for the treatment of COPD.
"COPD is the third leading cause of death in the United States and, sadly, the disease is on its way to achieving the same ranking globally," said Mick Farrell, CEO of ResMed. "We are excited to expand our offerings and solutions for the global COPD epidemic and to progress even more swiftly toward our ResMed goal of improving 20 million lives by 2020. With the acquisition of Inova Labs, ResMed is delivering on its commitment to find further ways to improve the quality of life for tens of millions of people as they deal with COPD, this chronic, progressive disease that literally takes patients' breath away when untreated."
ResMed's current respiratory care offerings include world-leading patient interface products, the AirCurve 10 series of cloud-connected non-invasive ventilators, the Stellar™ series of non-invasive ventilators, and the flagship Astral™ series, ResMed's award-winning lightweight non-invasive life support platform, with internal and external batteries that provide up to 24-hours of freedom for patients.
With the acquisition of Austin, Texas-based Inova Labs, ResMed's respiratory care portfolio encompasses both innovative portable oxygen concentrators as well as the necessary stationary options for the home. Key products include:
- LifeChoice Activox – lightweight, portable oxygen concentrators that lead the industry in offering extended battery life for freedom and mobility.
- Activox DUO2 – the industry's first fully-integrated stationary and portable oxygen concentrator system.
"ResMed is the global leader in connected healthcare solutions for sleep and respiratory conditions," said John Rush, CEO, Inova Labs. "That's a perfect fit with our mission to offer oxygen therapy solutions that empower individuals to stay active and sleep well. We are excited about joining forces with ResMed and benefiting from their global expertise and innovative culture, to improve patient engagement and adherence to treatment, to create business efficiencies for home medical equipment providers, and to help enhance the quality of life for those suffering from COPD and other chronic respiratory conditions."
The financial terms of the transaction were not disclosed. This transaction is subject to customary closing conditions, including regulatory approvals.
The global team at ResMed (NYSE: RMD) is united in the commitment to change millions of lives with every breath. With more than 4,000 employees and a presence in over 100 countries, the company has pioneered innovative devices for the diagnosis, treatment and management of sleep-disordered breathing, chronic obstructive pulmonary disease and other chronic conditions for more than 25 years. ResMed's world-leading products and connected healthcare solutions improve the quality of life for millions of patients worldwide, reduce the impact of chronic disease, and save healthcare costs. For more information about ResMed and its businesses, visit www.resmed.com or follow @resmed on Twitter and Facebook.
SOURCE ResMed Inc.