International Technidyne Corporation Subsequently Merges With Nexus Dx To Create Global Provider of Point-of-Care Testing Systems and Advanced Diagnostic Solutions
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.
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)