A Medical Device Daily
Pro Mach (Cincinnati), a provider of packaging products and solutions for food, beverage, household goods, pharmaceutical and other industries, has acquired Allpax Products (Covington, Louisiana), a manufacturer of sterilization, material handling and automated control systems for the food, beverage and pharmaceutical industries. Financial terms were not disclosed.
Pro Mach said the purchase adds retorting and sterilization capabilities to its packaging portfolio. Allpax provides products and solutions, including spray, steam-air, water immersion, steam, rotational, vertical, horizontal and R&D retorts, as well as advanced material handling and automated control systems and software, including solutions for unique challenges related to pouches and fragile containers.
Allpax also provides consultative relationships and integrated solutions for the retort room, saying that it offers a comprehensive range of products and solutions for the retort, sterilization and material handling process.
Earlier this year Pro Mach expanded its capabilities in robotic case packing, identification, labeling and marking services, and horizontal thermoform, fill and seal equipment.
“We're pleased to welcome the Allpax team to Pro Mach,” said John Paxton Sr., Pro Mach CEO and chairman, calling Allpax “proven leaders and experts in their industry.”
Allpax will become a new division of Pro Mach within its Primary Packaging Business Unit. Pro Mach now has 10 divisions within its Primary Packaging, End-of-Line Packaging and Identification and Tracking Business Units.
Through three business units and related divisions, Pro Mach provides equipment, training, installation, and parts in primary packaging, end-of-line packaging, and identification and tracking.
Pro Mach is a portfolio company of Odyssey Investment Partners.
In other dealmaking:
• Hologic (Bedford, Massachusetts) and Suros Surgical Systems (Indianapolis) reported receiving a request for additional information from the Federal Trade Commission relating to Hologic's pending acquisition of Suros.
They said the request will extend the Hart-Scott-Rodino (HSR) waiting period for the merger until 30 days following the FTC's receipt of the requested information, unless the waiting period is earlier terminated. The acquisition also still remains subject to approval by Suros Surgical stockholders.
The deal, first reported in April (Medical Device Daily, April 19, 2006), consists of Hologic making a payment of $132 million in cash and an additional $108 million payable, at the election of Hologic, in cash, shares of Hologic common stock or a combination thereof.
Separately, Hologic reported that it has received notification that the U.S. Department of Justice and the FTC have granted early termination of the HSR Act waiting period relating to its pending acquisition of R2 Technology (Sunnyvale, California), a developer of computer-aided detection (CAD). The purchase of R2 in a $220 million stock deal was unveiled in April (MDD, April 26, 2006).
The acquisition remains subject to the completion of a fairness hearing before the Commissioner of the California Department of Corporations and customary closing conditions, including R2 stockholder approval.
Hologic's core units are focused on osteoporosis assessment, mammography and breast biopsy, and mini C-arm and extremity MRI imaging for orthopedic applications.
Suros manufactures minimally-invasive methods of tissue excision and biopsy within multiple surgical specialties. It has developed the ATEC system, providing women in a high-risk population the opportunity for early diagnosis of breast disease or cancer without going to surgery.
R2 develops computer-aided detection for the early detection of breast cancer, actionable lung nodules and other lung abnormalities.
• BioMed Realty Trust (BMRT; San Diego) reported completing its acquisition of Human Genome Sciences' manufacturing and headquarters office and laboratory facilities in Rockville, Maryland, for about $425 million, a portfolio including about 925,000 rentable square feet of existing laboratory, office and manufacturing space. The deal was first disclosed in March (MDD, March 5, 2006).
The company is leasing the buildings to Human Genome Sciences via 20-year triple-net leases that provide for a security deposit, as well as the right for that company to extend each lease for two 10-year terms and to repurchase the properties under certain circumstances.
BMRT also reported entering into an agreement to acquire a property at One Research Way in Princeton, New Jersey, for about $8.0 million. The One Research Way property contains about 49,400 rentable square feet of laboratory and office space. The acquisition is anticipated to close in 2Q06, subject to customary conditions.
“This acquisition further enhances our leadership position in the life science industry,” said Alan Gold, president and CEO of BMRT.
BMRT's real estate portfolio consists of 45 properties in each of the major life science markets in the U.S.
• Amedisys (Baton Rouge, Louisiana), a home health nursing company, reported acquiring West Virginia Home Health Services (Charleston), for $3.4 million, composed of $2.7 million in cash and a $700,000 promissory note payable over two years. The acquisition is expected to close June 1.
The acquisition represents Amedisys' initial entry into West Virginia, which is a Certificate of Need state. William Borne, Amedisys CEO, said, “The Certificate of Need requirements in West Virginia make this acquisition particularly attractive. We continue to see a number of similar acquisition opportunities available in, and contiguous to, the states we currently serve and maintain our intention to selectively acquire companies that fit our acquisition profile.”
Amedisys said it expects the acquisition to contribute $4 million in annualized revenues but is not to add materially to earnings in 2006.