SAN DIEGO and EDISON, N.J., Nov. 4, 2010 /PRNewswire/ -- International Technidyne Corporation (ITC), formerly a subsidiary of Thoratec Corporation (Nasdaq: THOR), announced today the completion of its sale to affiliates of Warburg Pincus, LLC, the global private equity firm, in an all cash transaction valued at $55 million. ITC has been a recognized worldwide leader in hemostasis management and Point-of-Care (POC) testing for over 40 years. Immediately following the transaction, ITC then merged with Nexus Dx, Inc., a clinical diagnostics company focused on POC solutions.
"The combination of Nexus Dx and ITC will result in a company that is well equipped to serve the rapidly expanding global POC market," said Jim Merselis, President and CEO of the combined company. "Our senior executive team possesses extensive experience in the diagnostics industry and the depth of regulatory and quality know-how required to achieve sustainable success with the integrated ITC and Nexus Dx organizations." Merselis added, "We are excited to work with the dedicated ITC and Nexus Dx employees as we continue to deliver innovative POC diagnostic solutions to our thousands of customers around the globe."
"We are delighted with the acquisition of ITC and its combination with Nexus Dx," said Bess Weatherman, Managing Director, Warburg Pincus. We believe that the new organization, with its strong product portfolio and highly experienced management team, creates a world-class platform that addresses high growth markets within POC diagnostics."
The ITC and Nexus Dx portfolio expansion strategy is based on addressing three critical POC market needs: an expanded menu of tests, ease of product use, and increased connectivity. The merger with ITC is Nexus Dx's third transaction within 15 months, and follows on from the acquisition of Nanogen's POC cardiac marker assets from a bankruptcy
|SOURCE International Technidyne Corporation (ITC)|
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