San Diego's ResMed, a medical device company that focuses on products for sleep-disordered breathing, is buying all outstanding shares of Ireland's BiancaMed in cash. As part of the deal, BiancaMed will become a part of ResMed's newly created ventures and initiatives unit. The companies won't disclose the value of the deal.
BiancaMed, a University College Dublin spin-out company, was co-founded in 2003 by Philip de Chazal, Conor Hanley and Conor Heneghan to commercialize research undertaken in University College Dublin's School of Electrical, Electronic and Mechanical Engineering. It has developed a non-contact device to monitor sleep and breathing in the home and at the hospital. ResMed doesn't have a contact-free means of diagnosing sleep apnea, and BiancaMed's technology is seen as less intrusive, cost effective and convenient, the Irish Times notes.
ResMed was an early investor in the company. Other investors are Enterprise Ireland, UCD, InvestNI and venture capital group DFJ ePlanet Capital, the Times adds. The buy marks ResMed's first significant move into Ireland.
"This acquisition will broaden the use of BiancaMed's unique technology and build on BiancaMed's momentum," says Hanley, who is also the company's CEO, in a statement. "As part of ResMed, we will continue to support our existing customers."
BiancaMed currently employs 29 people, all of whom will be retained by ResMed, the company says in a release.
- check out the ResMed release
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