Haemonetics ($HAE) had a busy weekend, rolling out agreements for two strategic purchases to significantly boost its blood management device and technology offerings.
The Braintree, MA-based company said it will pay about $551 million to acquire Pall Corp.'s ($PLL) blood collection, filtration and processing systems and equipment. The deal gives Haemonetics manufacturing facilities and other assets in California, Mexico, Puerto Rico and Italy, plus about 1,300 employees, according to a release.
Haemonetics' expansion means Pall is largely exiting a blood-filtering technology business founder David Pall launched 25 years ago during global anxiety about spreading HIV and AIDS through blood transfusion, Newsday points out in its coverage of the deal.
Separately, Haemonetics said it has inked a definitive agreement to buy the business assets of Hemerus Medical, a Minnesota company that develops technologies to collect whole blood, as well as to process and store blood components. This buy is more of an investment in the future: Hemerus is hoping for FDA approval this year of its SOLX whole blood collection system, for which it recently finished Phase III clinical trials. The deal helps enhance Haemonetics' planned launch into the whole blood collection market with automated products designed to make the process more efficient and productive, according to President and CEO Brian Concannon. Most whole blood collection--specifically for red cell collection--is still done manually, the company said.
Haemonetics said it will pay up to $27 million to Hemerus in several stages, dependent on various regulatory approvals for SOLX. Separately, Haemonetics will also pay a royalty on future SOLX sales.
Haemonetics expects to close both acquisitions by its fiscal 2013 second quarter.