SAN DIEGO and EDISON, N.J., Nov. 4,
2010 /PRNewswire/ -- International Technidyne Corporation
(ITC), formerly a subsidiary of Thoratec Corporation (Nasdaq:
THOR), announced today the completion of its sale to affiliates of
Warburg Pincus, LLC, the global private equity firm, in an all cash
transaction valued at $55 million.
ITC has been a recognized worldwide leader in hemostasis management
and Point-of-Care (POC) testing for over 40 years. Immediately
following the transaction, ITC then merged with Nexus Dx, Inc., a
clinical diagnostics company focused on POC solutions.
"The combination of Nexus Dx and ITC will result in a company
that is well equipped to serve the rapidly expanding global POC
market," said Jim Merselis,
President and CEO of the combined company. "Our senior executive
team possesses extensive experience in the diagnostics industry and
the depth of regulatory and quality know-how required to achieve
sustainable success with the integrated ITC and Nexus Dx
organizations." Merselis added, "We are excited to work with
the dedicated ITC and Nexus Dx employees as we continue to deliver
innovative POC diagnostic solutions to our thousands of customers
around the globe."
"We are delighted with the acquisition of ITC and its
combination with Nexus Dx," said Bess
Weatherman, Managing Director, Warburg Pincus. We believe
that the new organization, with its strong product portfolio and
highly experienced management team, creates a world-class platform
that addresses high growth markets within POC diagnostics."
The ITC and Nexus Dx portfolio expansion strategy is based on
addressing three critical POC market needs: an expanded menu of
tests, ease of product use, and increased connectivity. The merger
with ITC is Nexus Dx's third transaction within 15 months, and
follows on from the acquisition of Nanogen's POC cardiac marker
assets from a bankruptcy process in July
2009 and the subsequent merger with HX Diagnostics in
September 2009. The combined company
will continue to seek attractive acquisition and business
development opportunities in the global POC market.
About ITC
ITC is a world leader in the fields of hemostasis management and
POC testing with over 40 years of knowledge and experience.
ITC develops, manufactures, and markets products in six
distinct categories: Hemochron® POC coagulation testing instruments
and reagents; IRMA TruPoint® Blood Analysis System for blood gas
and electrolyte testing; Avoximeter® CO-Oximetry devices and
cuvettes; skin incision products including Tenderfoot®, Tenderlett®
and Surgicutt®; HgbPro® Professional Hemoglobin Testing System; and
ProTime® Microcoagulation System for monitoring the clotting
activity in blood in patients on anticoagulant therapy. For
more product information, go to www.itcmed.com.
About Nexus Dx
Nexus Dx was formed in 2009 by Bay City Capital to take
advantage of current and emerging market opportunities in POC
diagnostics by consolidating products and technologies to create a
company dedicated to improving patient outcomes and healthcare
economics via decentralized blood diagnostic testing. Nexus
Dx is led by Jim Merselis, President
and CEO, and Ed Brennan, Ph.D.,
Chief Integration Officer; both have over 30 years of experience in
the healthcare industry and were formerly CEO and Chairman,
respectively, of HemoSense, Inc. (AMEX: HEM) sold in November 2007 to Inverness Medical Innovations
(now Alere) for $265 million. Nexus
is backed by an investor syndicate consisting of Bay City Capital,
Kleiner Perkins Caufield &
Byers, and Prolog Ventures. Nexus Dx was advised in the transaction
by Inverness Advisors. For more information, go to
www.nexus-dx.com.
About Warburg Pincus
Warburg Pincus is a leading global private equity firm. The firm
has more than $30 billion in assets
under management. Its active portfolio of more than 110 companies
is highly diversified by stage, sector, and geography. Warburg
Pincus is a growth investor and an experienced partner to
management teams seeking to build durable companies with
sustainable value. Founded in 1966, Warburg Pincus has raised 13
private equity funds which have invested more than $35 billion in over 600 companies in more than 30
countries. The firm has offices in Beijing, Frankfurt, Hong
Kong, London, Mumbai, New
York, San Francisco, São
Paulo, and Shanghai. For more
information, please visit www.warburgpincus.com.
SOURCE International Technidyne Corporation (ITC)