BURLINGTON, Mass., Dec. 20, 2019 /PRNewswire/ -- 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:
- 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.
"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.
About Clinical Innovations
Founded in 1993, Clinical Innovations is one of the world's leading medical device companies exclusively focused on labor and delivery and neonatal intensive care. The company is a market-leader in several categories with products such as the Kiwi® Vacuum-Assisted Delivery System, SweetUms sucrose solution, BoogieBaby oral and nasal suction device, Koala® Intrauterine Pressure Catheter, ROM Plus® Rupture of Membranes Test, traxi® Panniculus Retractor, ClearView® Uterine Manipulator, ebb® Complete Tamponade System and the babyLance™ Safety heel stick. Clinical Innovations is expanding its global presence while directly researching and developing state-of-the-art technologies and innovative medical devices that fulfill its mission of improving the lives of mothers and their babies throughout the world. For more information, visit clinicalinnovations.com.
About LABORIE Medical Technologies
LABORIE is a leading global developer, manufacturer and marketer of innovative medical technology and consumables used in gastrointestinal procedures and for the diagnosis and treatment of pelvic health in the Urology, Gynecology, and Colorectal fields. LABORIE is a portfolio company of Patricia Industries. For more information, visit laborie.com.
About Patricia Industries
Patricia Industries, a part of Investor AB, makes control investments in best-in-class companies with strong market positions, brands and corporate cultures within industries positioned for secular growth. Our ambition is to be the sole owner of our companies, together with strong management teams and boards. We invest with an indefinite holding period, and focus on building durable value and capturing organic and non-organic growth opportunities.
About Investor AB
Investor, founded by the Wallenberg family in 1916, is an engaged owner of high-quality, global companies. We have a long-term investment perspective. Through board participation, as well as industrial experience, our network and financial strength, we work continuously to support our companies to remain or become best-in class. Our holdings include among others ABB, Atlas Copco, Ericsson, Mölnlycke and SEB. For more information, visit www.investorab.com.
SOURCE LABORIE Medical Technologies