Medamicus expands with $18 million acquisition:
This article was originally published in Clinica
Plymouth, Minnesota-based Medamicus has acquired the operating assets of Biomec Cardiovascular (BC) for $18m. The deal provides Medamicus with the means of developing and manufacturing implantable stimulation leads, lead delivery systems and accessories for cardiac rhythm management and neuromodulation. President and CEO Jim Hartman said that BC's sales had doubled in the first half of 2003 to $4.5m and expected this figure to grow to over $9m by the year-end. Minneapolis, Minnesota-based BC operated on a similar business model to Medamicus, coupling original equipment manufacturer sales coupled proprietory product development. This will enhance Medamicus's services to OEM customers such as Bard, Cook, Guidant, Medtronic and St Jude Medical, said Mr Hartman. BC is a subsidiary of privately held medical technology company Biomec, based in Cleveland, Ohio.