Del Global Technologies (Valhalla, New York) reported obtaining a 19% stake in Villa Sistemi Medicali SpA. (Milan, Italy) and an irrevocable option to increase ownership of the capital stock of the company to 80%. Villa develops radiographic and fluoroscopic technology and intra-oral and panoramic dental imaging systems. Del Global called the acquisition part of its plan "to become a leading global supplier of cost-effective diagnostic medical imaging equipment." Leonard Trugman, Del's chairman, president and CEO, noted that the acquisition will greatly expand the current sales by its Del Medical Systems group, since Villa derives 25% of its $20 million in annual sales in Italy.
Clinical research organization ICON has acquired YRCR Ltd. (Henley, England), a medical device and pharmaceutical regulatory affairs consulting group, providing services to European, U.S. and Japanese clients, as well as insourced professional staff on a contract basis. ICON will pay up to $5.8 million in cash and shares for YRCR, a portion of which is contingent on future performance. ICON expects the acquisition to be neutral to earnings in 2000. Dr. Markus Weissbach, president of ICON's European operations, said that, together with the company's recent acquisition of Pacific Research Associates, ICON now can offer broader regulatory services "and good opportunities for cross-selling between the companies."
Hydromer (Somerville, New Jersey) has completed purchasing the stock of Biosearch Medical Products (BMP), with BMP's stockholders exchanging their shares for $0.20 per share. Manfred Dyck, CEO and president of Hydromer, said the combined company could now offer broader products and services for the production and coating of medical devices on an OEM basis and the manufacture of coating machinery, incorporating the proprietary processes and chemicals the companies have developed. Hydromer and Biosearch have a long history of cooperation in which Hydromer supplied medical coating solutions which Biosearch incorporated into its products.
Lexon (Tulsa, Oklahoma) has acquired the exclusive worldwide rights to the Telomerase assay, a patent-pending blood test for lung cancer, by purchasing the common stock of Cancer Diagnostic for $200,000 in cash and notes. The Telomerase assay evolved from research performed at the University of Maryland's Baltimore Medical Center, and a development team there will continue overseeing commercialization of the test for the ELISA format and subsequent FDA submission, supported by $1.1 million in funding from the National Institutes of Health.
Metcare Diagnostic, a division of Metropolitan Health Networks (Boca Raton, Florida), said it will sell its remaining imaging business to Focus Imaging, in exchange for Metcare common shares, controlled by principals of Focus, and assumption of certain liabilities. Noel Guillama, Metcare president, said the diagnostic business had produced losses for the past three years and that the company will now focus on developing its management service organization business. "We have determined that our patients are better served by contracting with diagnostic providers in our service areas," Guillama said.
Radiation oncology products provider Med-Tec (Orange City, Iowa) said that it will purchase 500,000 shares of Implant Science (Wakefield, Massachusetts) common stock for $3 million and that it also has signed an agreement to become the exclusive U.S. distributor of that company's I-Plant iIodine-125 radioactive seed for treatment of prostate cancer. The I-Plant is a small, encapsulated radiation source used in brachytherapy. Med-Tec, which markets other brachytherapy products, said it will be the first to offer the I-Plant seed. Implant Sciences said the new funding from Med-Tec would support pursuit of other applications for its brachytherapy technology.
NetOptix (Sturbridge, Massachusetts) sold its women's health businesses and related assets to Cooper Surgical (Shelton, Connecticut), a unit of the Cooper Companies, for $10 million in cash. The transaction includes operating units in Germany, Canada and Florida. NetOptix said it will use funds from the sale to support, in part, to R&D and additional production of the company's Dense Wavelength Division Multiplexer business, operated through its Optical Filter subsidiary (Natick, Massachusetts), and its German subsidiary OFC GmbH.
Paradigm Medical Industries (Salt Lake City, Utah) said it will acquire Vismed (San Diego, California), a company that manufactures diagnostic instruments for chronic eye disease – primarily glaucoma and diabetic retinopathy – and does business under the name Dicon. Terms of the acquisition were not announced. Paradigm develops, manufactures and markets diagnostic eye care equipment and surgical systems for minimally invasive cataract treatment.
ResMed (San Diego, California) has agreed to purchase the business activities of Einar Egnell AB, its Swedish distributor. Upon closing of the transaction, ResMed's sales in Sweden directly by ResMed Egnell AB (Trollhattan, Sweden), a new subsidiary. Lasse Beijer, managing director and former owner of Einar Egnell, will continue on as managing director of the new company.