A Medical Device Daily
Neich Medical (Hong Kong) reported that it has acquired Orbus Medical Technologies (Fort Lauderdale, Florida). Both companies specialize in cardiovascular therapies.
The acquisition is the outcome of a long, synergistic relationship, the companies said. Neich Medical was previously Orbus' distributor for the Asia-Pacific region and manufactures the delivery system for Orbus' R stent, while Orbus is leading Neich's research and development efforts for drug-eluting stents and other advanced technologies.
Going forward, the combined company will be known as Orbus Neich. Additionally, key Orbus personnel will be joining Neich's management team. Terms of the agreement were not disclosed.
“This is a truly exciting time for all of us,“ said Teddy Chien, founder and chairman of the board of Neich Medical. “This acquisition fits our strategic vision of offering world-class innovative therapies with Orbus' unique R stent design and potentially game-changing Genous bio-engineered surface technology, which is currently being evaluated in a clinical trial.“
He added: “The combination of the two companies yields a seasoned management team, which broadens and deepens our ability to compete in this dynamic market.“
Sam Rasmussen, president and CEO of Orbus Neich, added, “There are outstanding synergies in this marriage. Neich is a customer-focused balloon and stent company with the industry's most advanced manufacturing infrastructure. Orbus has been driven by the development of a coronary stent, which uses unique biotechnology to provide vascular health by targeting accelerated healing. Together, we are uniquely positioned to bring life-changing technologies to patients in every part of the world.“
Orbus Neich will have a global reach, with sales offices in eight countries, manufacturing operations in the Netherlands and China, and R&D facilities in the U.S. and Germany.
In other dealmaking news:
Aradigm (Hayward, California) said that it has closed on a restructured licensing agreement with Novo Nordisk (Bagsvaerd, Denmark) concerning the ongoing development of the AERx insulin Diabetes Management System (iDMS).
Following the approval of a majority of Aradigm's shareholders, Aradigm has now transferred assets, building leases and employees associated with AERx iDMS to Novo Nordisk Delivery Technologies, and has received a payment of $55 million before refund of cost advances made by Novo Nordisk under the prior agreement.
Aradigm retains ownership of its intellectual property relating to AERx iDMS and will receive a royalty on worldwide sales by Novo Nordisk of the AERX iDMS product.
Aradigm develops non-invasive delivery systems to enable patients to self-administer biopharmaceuticals and small molecules that would otherwise be given by injection. The company's AERx pulmonary and Intraject needle-free delivery technologies offer rapid-delivery solutions for liquid drug formulations.
The company's current development programs focus on neurological disorders, heart disease, respiratory conditions and cancer.