Strengthens franchise in consumable diagnostics contract manufacturing. Extends footprint into northeastern US and enhances services to biopharma, consumable diagnostics and medical device customers.
Phillips-Medisize Corporation (the "Company") today announced that it has agreed to acquire Injectronics, Inc ("Injectronics"). Injectronics provides contract engineering and manufacturing services to consumable diagnostics and medical device customers. Terms of the transaction were not disclosed.
Through this acquisition, Phillips-Medisize will add two manufacturing locations in the Northeastern US, a global centre of biopharmaceutical and medical device innovation. The current management team will join Phillips-Medisize and continue to oversee Injectronics’ Clinton, MA and Westborough, MA locations, which will continue to serve existing customers.
"Injectronics has a very strong track record of delivering excellent quality service to their diagnostics and medical device customers, and adding their expertise will further solidify our position as an industry leader," said Matt Jennings, chairman, CEO and president of Phillips-Medisize Corporation. "This transaction is consistent with our strategic focus to further broaden our reach into the Northeastern U.S., and will enable us to better serve our biopharmaceutical and medical device customers. Our two companies have similar cultures, and we admire Injectronics’ commitment to investing in their people, processes, and purpose-built facilities. I am excited about working with the talented people of Injectronics and I look forward to establishing our design and development capabilities in the Greater Boston area."
Paul Nazzaro, Injectronics President & CEO noted, "I could not think of a better partner than Phillips-Medisize for the people and customers of Injectronics. This transaction creates new opportunities for growth and provides our loyal customer base access to Phillips-Medisize’s global network of design, development and production capabilities and functions across all platforms."
The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act has expired, and the transaction is expected to close in early July.