Global medical device company CooperCompanies has signed a definitive agreement with private investment firm GI Partners to acquire Generate Life Sciences in a deal valued at about $1.6bn.

Generate Life Sciences provides services that include reproductive, medical devices, genetic screening, fertility cryopreservation and healthcare technology.

It also provides newborn stem cell storage, such as blood and tissue from the umbilical cord, services as well as fertility treatment donor eggs and sperm.

CooperCompanies operates through two business units, CooperVision and CooperSurgical, and provides a broad range of products and services to advance vision care and the health of babies, women and families.

It produces contact lenses, medical devices, and fertility and genomic products for women’s healthcare.

Through this acquisition, CooperSurgical will be able to expand its fertility as well as labour and delivery offerings.

CooperCompanies president and CEO Al White said: “This acquisition is a strong strategic fit for CooperSurgical as it allows us to better serve fertility clinics and Ob/Gyns with a more extensive suite of products and services.

“As a leader in women’s healthcare, this is an important addition to our existing offerings and allows us to leverage our infrastructure and expertise, including our sales forces’ strong clinical reputation and educational capabilities.”

The transaction, which is subject to customary closing conditions, including regulatory clearance, is expected to be completed in the company’s first fiscal quarter next year.

As of 30 September, Generate Life Sciences reported trailing 12-month revenues of about $250m.

GI Partners managing director Dave Kreter said: “With the combination of these two leading companies we had a vision to create and build a platform that could address the personal desires of families’ reproductive and stem cell needs.”