Laborie Medical Technologies, a diagnostic and therapeutic medical technology company, has closed the acquisition of Clinical Innovations for an enterprise value of $525m.
Clinical Innovation, based in Salt Lake City, provides medical devices for the labour & delivery (L&D) and neonatal intensive care unit (NICU) specialities worldwide.
Laborie Medical Technologies president and CEO Michael Frazzette said: “We are pleased to welcome the incredibly talented Clinical Innovations team to the LABORIE family.
“We look forward to investing in, and building upon Clinical Innovations’ unique product portfolio and speciality channels to continue to benefit mothers, babies and healthcare professionals around the world.”
Clinical Innovation business will form a standalone Global Business Unit (GBU), Maternal and Child Health. This is aimed at driving the focus, resources, investments and customer-centric strategy required in the L&D and NICU specialities.
Frazzette added: “This focused GBU approach will enable us to build on Clinical Innovations’ established strong and trusted relationships with physicians and nurses; and serve the distinct customer call point of obstetricians, gynaecologists, neonatologists, and NICU and L&D nurses.”
Laborie Medical Technologies owner and Patricia Industries managing director Yuriy Prilutskiy said: “We look forward to leveraging Patricia Industries’ healthcare expertise and global presence to support the combined LABORIE and Clinical Innovations organisation as we embark on our next phase of growth together.”
Patricia Industries is a part investor of AB. Piper Jaffray served as the financial advisor to Laborie, while Cleary Gottlieb Steen & Hamilton LLP served as the legal advisor.