EMS offers joint development manufacturing services to medical device original equipment manufacturers
US-based IntriCon has completed the acquisition of Singaporean limited liability company Emerald Medical Services (EMS).
EMS provides joint development manufacturing services to medical device original equipment manufacturers (OEMs).
The company offers joint engineering and manufacturing services for complex medical devices, including catheters for cardiology, peripheral vascular, neurology, radiology and pulmonology.
EMS also provides non-sterile packaging services to the customers
EMS has expertise in designing, development, manufacturing, and testing, as well as offering non-sterile packaging services.
IntriCon president and CEO Mark Gorder said: “As we sought opportunities to build on our core competencies as a miniature and micro-miniature device manufacturer, Emerald Medical Services stood out as an ideal strategic complement to our business.”
The acquisition of EMS will allow IntriCon to expand its medical coil and micro-miniature medical device engineering and manufacturing capabilities in surgical navigation, in addition to advancing diversification into potential new end markets.
The deal included an upfront payment of around $7.1m and offering 80,000 shares of IntriCon common stock.
EMS is also eligible to secure cash earnout based on the achievement of specific sales milestones over a three-year period.
EMS CEO Steve Wiesner said: “Emerald has made significant investments in developing a portfolio of industry leading technologies and establishing a global low-cost manufacturing footprint, which makes our business synergistic with IntriCon’s strategic growth objectives.”
Based in Arden Hills of Minnesota, IntriCon is engaged in the designing, development and manufacturing of miniature interventional, implantable, and body-worn medical devices.
With facilities in the US, Asia and Europe, IntriCon serves medical, healthcare, and professional communications companies.
Separately, earlier this month, HealthpointCapital purchased a majority stake in commercial-stage medical device company IlluminOss Medical.
Based in East Providence of Rhode Island, IlluminOss Medical provides an advanced minimally invasive technology for fracture repair and stabilisation.