Stent company Biosensors International has entered into an agreement to acquire the assets of nuclear imaging company Spectrum Dynamics, a leader in advanced functional assessment technologies, including those used to evaluate patients for cardiac interventions. The move signals Biosensors developing an integrated approach to cardiac patient care.
Founded in 2004, Spectrum Dynamics is a privately held medical imaging and clinical applications company that has developed innovative technology providing high-speed, high-resolution functional 3D images to help physicians determine the most appropriate treatment for their patients.
Used by leading medical centers around the world, Spectrum Dynamics’ revolutionary D-SPECT Cardiac Imaging System lays the foundation for its next-generation cardiac clinical protocols that will provide new diagnostic information and treatment strategies to interventional cardiologists.
Spectrum Dynamics has more than 70 issued and pending patents. It is ISO-certified and its products have been approved for sale in major markets including the US, Japan, Europe and Canada. Additional approvals in other key markets are pending.
The deal consideration is approximately $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.
“We are very excited about becoming a part of Biosensors’ growing family. The synergy created as a result of this deal will provide us with meaningful resources to better realize the potential of our business,” said Shlomo Ben-Haim, Co-Founder and Chairman of Spectrum Dynamics. “The ability to accurately detect and diagnose reversible ischemia prior to catheterization has become a critical issue in the treatment of cardiovascular disease. Spectrum Dynamics’ advanced imaging systems will enable doctors to more effectively determine the appropriate course of treatment for their patients. By combining the sales forces of the two companies, Biosensors can provide extensive coverage and leverage their excellent relationships with key potential customers in order to drive the use of Spectrum Dynamics’ technology worldwide.”
“Similar to Biosensors, Spectrum Dynamics is a pioneer in its field and has a proven business model, with products being used by leading medical institutions and teaching hospitals in the US, Europe and Japan. We will build on Spectrum Dynamics’ initial success, as it has huge potential to expand both in new geographical locations and in various application protocols. We believe these innovative applications can offer patients more advanced treatments and, at the same time, help physicians and hospitals reduce the time and money they need to spend on making accurate diagnoses,” commented Biosensors’ CEO Dr. Jack Wang. “This acquisition is in line with our strategic objective to expand our product offerings. It also reflects our commitment to continue diversifying our business as we take our company to the next level.”
Source: Biosensors International