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Steris' Isotron Acquisition Adds European Contract Sterilization Services

This article was originally published in The Gray Sheet

Executive Summary

The purchase of contract sterilization and related services firm Isotron gives Steris a foothold in the European market on which to further expand throughout the continent. Announced July 20, the cash deal is valued at $110 mil.

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Steris

Allows $110 mil. acquisition offer for U.K.-based Isotron plc to lapse, citing the lack of that firm's shareholder acceptance of the deal, Steris says Aug. 12. First announced July 20, the deal was intended to give Steris a foothold for expansion into the European market (1"The Gray Sheet" July 26, p. 9). Isotron is a provider of sterilization services for single-use medical products. Conditioned on a minimum of 90% Isotron shareholder acceptance of the deal, Steris had received only 60.4% of shareholder acceptances by the Aug. 11 due date. Steris concluded it was "not in the best interests of its shareholders to continue with the offer"

Steris

Allows $110 mil. acquisition offer for U.K.-based Isotron plc to lapse, citing the lack of that firm's shareholder acceptance of the deal, Steris says Aug. 12. First announced July 20, the deal was intended to give Steris a foothold for expansion into the European market (1"The Gray Sheet" July 26, p. 9). Isotron is a provider of sterilization services for single-use medical products. Conditioned on a minimum of 90% Isotron shareholder acceptance of the deal, Steris had received only 60.4% of shareholder acceptances by the Aug. 11 due date. Steris concluded it was "not in the best interests of its shareholders to continue with the offer"

Steris to add contract sterilization services with $142 mil. Isomedix acquisition.

STERIS WOULD ADD CONTRACT STERILIZATION SERVICES WITH $142 MIL. ISOMEDIX BUY announced Aug. 12. The firms have entered a definitive merger agreement that would result in Steris' adding the complementary business of contract sterilization to its line of infection prevention, contamination prevention, and surgical support systems and services. Isomedix provides gamma radiation and ethylene oxide contract sterilization services to manufacturers of pre-packaged medical devices and consumer products.

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