SINGAPORE, May 26, 2013 /PRNewswire/ -- Biosensors International Group, Ltd. ("Biosensors" or the "Company", Bloomberg: BIG SP; Reuters: BIOS.SI; SGX: B20), a developer, manufacturer and marketer of innovative medical devices, today announced the completion of its acquisition of substantially all assets of Spectrum Dynamics, a leader in advanced functional assessment technologies, including those used to evaluate patients for cardiac interventions.
The deal consideration is approximately US$51 million, with potential earn-out payments upon fulfilling certain performance criteria. Under the terms of the deal, the two companies will also create a joint venture aimed at developing future non-cardiac applications. Biosensors expects the transaction to have minimal impact on its 2014 fiscal year financial results, with the potential to be moderately accretive to its earnings in the following fiscal year.
"The capacity to uncover and diagnose reversible ischemia prior to catheterization with precision has turned into an essential issue in the treatment of cardiovascular disease. Spectrum Dynamics' advanced imaging systems will facilitate doctors to more effectively establish the appropriate course of treatment for their patients," said Prof. Shlomo Ben-Haim, Co-Founder and Chairman of Spectrum Dynamics. "Biosensors is one of the leading developers of drug-eluting stents. By becoming part of Biosensors' growing family, we hope to actively contribute towards its future growth potential by exploring more opportunities and applications together for better diagnostic solutions for patients."
Dr Jack Wang, CEO of Biosensors said, "We are pleased to have completed this acquisition. With substantially all assets of Spectrum Dynamics under the ownership and management of Biosensors, we are well-positioned to further increase our presence in the global cardiovascular interventional field with this exciting cardiovascular diagnostic technology. We look forward to working closely with the elite team from Spectrum Dynamics. Together, we will continue to expand Biosensors' product offering and build the company into a world class medical device enterprise."
For Biosensors International Group, Ltd
Mr. Wong Teck Yenn
Director, Investor Relations
Tel: (65) 6213 5777
About Biosensors International Group, Ltd
Biosensors International develops, manufactures and markets innovative medical devices for interventional cardiology and critical care procedures. We aim to improve patients' lives through pioneering medical technology that pushes forward the boundaries of innovation.
With the increasing use of the BioMatrix™ family of drug-eluting stents and the recent launch of our Axxess™ self-expanding bifurcation drug-eluting stent, we are rapidly emerging as a leader in the global coronary stent market. The development of the BioFreedom™ drug-coated stent will further reinforce our market position.
All three stents incorporate Biolimus A9™ (BA9™), an anti-restenotic drug developed and patented by Biosensors specifically for use with stents. Both the BioMatrix stent family and the Axxess stent feature a unique abluminal biodegradable polymer coating, which fully degrades into carbon dioxide and water after six to nine months as it releases BA9. The BioMatrix stent family features workhorse stent platforms for a broad range of lesions, and the Axxess stent employs a self-expanding stent platform specifically designed for treating bifurcation lesions. BioFreedom, a completely polymer-free stent abluminally coated with BA9, received CE Mark Approval in January 2013.
For more information, please visit www.biosensors.com.
About Spectrum Dynamics
Spectrum Dynamics LLC is a pioneering medical device company focused on personalized molecular imaging and applications. Spectrum Dynamics aims to revolutionize the practice of nuclear cardiology, and eventually all nuclear medicine applications, by dramatically enhancing workflow and providing new clinical applications not possible with conventional technology.
For more information, please visit www.spectrum-dynamics.com
Certain statements herein include forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the use of forward-looking terminology, such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe," "project" or "continue" or the negative thereof or other similar words. All forward looking statements involve risks and uncertainties, including, but not limited to, customer acceptance and market share gains, competition from companies that have greater financial resources; introduction of new products into the marketplace by competitors; successful product development; dependence on significant customers; the ability to recruit and retain quality employees as Biosensors grows; and economic and political conditions globally. Actual results may differ materially from those discussed in, or implied by, the forward-looking statements. The forward-looking statements speak only as of the date of this release and Biosensors assumes no duty to update them to reflect new, changing or unanticipated events or circumstances.
SOURCE Biosensors International Group, Ltd.