Navigation Links
International Technidyne Corporation Acquired by Warburg Pincus
Date:11/4/2010

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 process in July 2009 and the subsequent merger with HX Diagnostics in September 2009. The combined company will continue to seek attractive acquisition and business development opportunities in the global POC market.

About ITC

ITC is a world leader in the fields of hemostasis management and POC testing with over 40 years of knowledge and experience.  ITC develops, manufactures, and markets products in six distinct categories: Hemochron® POC coagulation testing instruments and reagents; IRMA TruPoint® Blood Analysis System for blood gas and electrolyte testing; Avoximeter® CO-Oximetry devices and cuvettes; skin incision products including Tenderfoot®, Tenderlett® and Surgicutt®; HgbPro® Professional Hemoglobin Testing System; and ProTime® Microcoagulation System for monitoring the clotting activity in blood in patients on anticoagulant therapy.  For more product information, go to www.itcmed.com.

About Nexus Dx

Nexus Dx was formed in 2009 by Bay City Capital to take advantage of current and emerging market opportunities in POC diagnostics by consolidating products and technologies to create a company dedicated to improving patient outcomes and healthcare economics via decentralized blood diagnostic testing.  Nexus Dx is led by Jim Merselis, President and CEO, and Ed Brennan, Ph.D., Chief Integration Officer; both have over 30 years of experience in the healthcare industry and were formerly CEO and Chairman, respectively, of HemoSense, Inc. (AMEX: HEM) sold in November 2007 to Inverness Medical Innovations (now Alere) for $265 million. Nexus is backed by an investor syndicate consisting of Bay City Capital, Kleiner Perkins Caufield & Byers, and Prolog Ventures. Nexus Dx was advised in the transaction by Inverness Advisors. For more information, go to www.nexus-dx.com.

About Warburg Pincus

Warburg Pincus is a leading global private equity firm. The firm has more than $30 billion in assets under management. Its active portfolio of more than 110 companies is highly diversified by stage, sector, and geography. Warburg Pincus is a growth investor and an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 13 private equity funds which have invested more than $35 billion in over 600 companies in more than 30 countries. The firm has offices in Beijing, Frankfurt, Hong Kong, London, Mumbai, New York, San Francisco, São Paulo, and Shanghai. For more information, please visit www.warburgpincus.com.


'/>"/>
SOURCE International Technidyne Corporation (ITC)
Copyright©2010 PR Newswire.
All rights reserved

Related biology technology :

1. Edwin Rivera-Martinez, Former Chief of the FDA’s International Compliance Branch, Joins PAREXEL Consulting Strategic Compliance Team
2. Distinguished Scientist H. Mario Geysen Joins SRI International to Lead Combinatorial Sciences and Metabolic Diseases Research Programs
3. Dr. Fred Ueland, Markey Cancer Center, University of Kentucky Presents OVA1™ High Sensitivity Data at the 13th Annual International Gynecologic Cancer Society Meeting
4. Bacterin International Reconstitutes Its Board of Directors and Appoints Experienced Legal and Financial Professionals
5. Indias Favorable and Progressive Regulatory Environment Causes Accelerated Growth of Max Neeman Internationals Regulatory Services
6. David P. Lang Appointed Vice President of CryoLife International, Inc.
7. YM Biosciences To Present Poster On CYT387 At The European School Of Haematology International Conference
8. ISTA Pharmaceuticals Highlights Clinical Data from REMURA™ Phase 2 Study Presented at the 6th International Conference on the Tear Film & Ocular Surface
9. PROLOR Biotechs Longer-Acting Human Growth Hormone Data Selected for Presentation at 5th International Congress Of The Growth Hormone Research Society and IGF Society
10. DATATRAK International, Inc. Announces Initial Equity Research Coverage by Zacks Investment Research
11. Yongye International to Present at Rodman & Renshaw Annual Global Investment Conference
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:1/19/2017)... ... January 18, 2017 , ... The American Medical Informatics Association ... Data Sharing Policy. Specifically, the nation’s leading informatics experts, said data sharing plans ... policy. AMIA recommended that NIH earmark funding for researchers to produce and execute ...
(Date:1/19/2017)... Island, NY (PRWEB) , ... January 19, 2017 , ... ... at an exponential rate. The tremendous growth is accounted to two main factors. ... the table and the expanding network of vendors supplying FireflySci products all around the ...
(Date:1/19/2017)... YORK , Jan. 18, 2017 ... to reach USD 92.9 billion by 2025, according ... Inc. Pharmaceutical industry has been adaptive of the ... as early as 2002. Among the services outsourced, ... forerunners. For instance, Johnson & Johnson was the ...
(Date:1/19/2017)... PLAINVIEW, N.Y. , Jan. 18, 2017 ... pathology services, announces the formation of an Executive Committee ... 2017 and beyond. John Cucci , ... been promoted from Director of Business Development to ... in 2015, Mr. Cucci served in senior sales leadership ...
Breaking Biology Technology:
(Date:12/12/2016)... 12, 2016  Researchers at Trinity College, Dublin, ... by combining the material with Silly Putty. The mixture ... detector able to sense pulse, blood pressure, respiration, ... The research team,s findings were ... here:  http://science.sciencemag.org/content/354/6317/1257 ...
(Date:12/8/2016)... 2016  Singulex, Inc., the leader in Next Generation ... a license and supply agreement with Thermo Fisher Scientific, ... Singulex access to Thermo Scientific BRAHMS PCT (Procalcitonin), a ... used to diagnose systemic bacterial infection and sepsis and ... aid in assessing the risk of critically ill patients ...
(Date:12/7/2016)... TEL AVIV, Israel , December 7, 2016 ... year with the expansion of its patent portfolio, which grew to over ... , , ... led by its recently filed patent entitled " System, Device, ... which covers technology that enables device makers to forego costly hardware components ...
Breaking Biology News(10 mins):