Hospira to Acquire Physiometrix
Hospira, Inc., one of the largest hospital products manufacturers in the United States, and Physiometrix, Inc., a developer of non-invasive medical devices, announced Hospira will acquire the stock of Physiometrix for approximately $23 million in cash plus the assumption of the company's debt, which is projected to be approximately $1 million. The acquisition will broaden Hospira's portfolio of products for the hospital operating room and intensive care unit (ICU), providing anesthesia-monitoring devices used during surgical and diagnostic procedures. Physiometrix is based in North Billerica, Mass., and employs approximately 40 people.
"Acquiring Physiometrix and its technology supports Hospira's strategic focus on helping our customers continuously enhance patient safety and reduce costs in hospitals," said John Arnott, senior vice president, Global Commercial Operations, Hospira. "Physiometrix's devices complement our product line, and provide us with an entry into the fast-growing sedation-monitoring market and a core technology that could be further expanded over the long term."
The Physiometrix board of directors has unanimously approved the acquisition. While it is subject to approval by Physiometrix's shareholders and customary closing conditions, the acquisition is targeted to be completed in the third quarter.
Hospira most recently provided 2005 financial projections on May 12, 2005, and the company has not updated those projections since that time. This transaction is not expected to impact those previously provided projections.
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