LABORIE Medical Technologies, a leading diagnostic and therapeutic medical technology company, announced it has completed its acquisition of Clinical Innovations for an enterprise value of $525 million.
Based in Salt Lake City, Clinical Innovations is a leading global provider of clinician-preferred medical devices for the labor & delivery (L&D) and neonatal intensive care unit (NICU) specialties.
“We are pleased to welcome the incredibly talented Clinical Innovations team to the LABORIE family,” commented Michael Frazzette, President & CEO of LABORIE Medical Technologies. “We look forward to investing in, and building upon Clinical Innovations’ unique product portfolio and specialty channels to continue to benefit mothers, babies and healthcare professionals around the world.”
In order to drive the focus, resources, investments and customer-intense culture needed to continue to be successful in the L&D and NICU specialties, the Clinical Innovations business will form a stand-alone Global Business Unit (GBU) called Maternal and Child Health.
“This focused GBU approach will enable us to build on Clinical Innovations’ established strong and trusted relationships with physicians and nurses; and serve the distinct customer call point of obstetricians, gynecologists, neonatologists, and NICU and L&D nurses,” Frazzette added.
“We look forward to leveraging Patricia Industries’ healthcare expertise and global presence to support the combined LABORIE and Clinical Innovations organization as we embark on our next phase of growth together,” said Yuriy Prilutskiy, Managing Director at Patricia Industries, a part of Investor AB, and owner of LABORIE Medical Technologies. “Consistent with our purpose of creating value for people and society by building strong and sustainable businesses, we will continue to invest in and develop the company to improve clinical outcomes for patients around the world for many years to come.”
Piper Jaffray acted as financial advisor and Cleary Gottlieb Steen & Hamilton LLP as legal advisor to LABORIE.