International Technidyne Corporation (ITC), formerly a subsidiary of Thoratec Corporation, has completed 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."
"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.
Source: International Technidyne Corporation
