Draxis Health purchases continuous passive motion (CPM) manufacturer:
This article was originally published in Clinica
In an all-Canadian takeover, Draxis Health will acquire Toronto Medical through a stock swap worth around Can$13 million ($9.4 million). Toronto manufactures continuous passive motion (CPM) devices to speed healing of joints after surgery. Draxis is active in pharmaceutical marketing and dermatological research. The deal will double Draxis' revenues, which in the first-half of 1995 were Can$7.5 million, down 9% on the previous year.