Tecan Group, a provider of laboratory instruments and solutions, has wrapped the acquisition of US-based Paramit for up to $1bn.

Headquartered in Silicon Valley in the US, Paramit is a global contract development and manufacturing company mainly focused on medical devices and life sciences instruments.

Tecan had originally signed an agreement to acquire the company in June this year, to expand its presence in the US and Asia.

With facilities in Morgan Hill, California and in Penang, Malaysia, Paramit has developed and produced various FDA-accepted and CLIA-waived medical devices such as surgical instruments, surgical robotics, point of care and personal testing devices, diagnostic systems and drug delivery devices.

Paramit works with life science companies for the development and manufacturing of high-precision instrumentation.

Its clients consist of both US and global companies with products that include flow cytometers, electrophoresis systems, imaging systems, fluorescence detection systems, microarrays, microfluidic instruments, sample prep systems and a wide range of consumables.

The acquisition of Paramit is believed to further expand Tecan’s position in solutions for life sciences and in-vitro diagnostics (IVD).

With Paramit, Tecan will also add a new business vertical in the market for medical devices. It is also expected to bring in $300m in revenues for the company in 2022.

In addition, the acquisition is expected to add significant engineering and cost-competitive manufacturing capabilities both in North America and the APAC region.

Featuring computer-directed assembly technology, the facilities help to offer ultra-flexible production planning and minimise the potential for errors, Tecan said.

Founded in Switzerland in 1980, Tecan is engaged in the development, production and distribution of automation solutions for laboratories in the life sciences sector.

The company has manufacturing, research and development sites in Europe and North America. It has a sales and service network in 52 countries.