ConvaTec Group PLC said Friday it acquired US-based catheter supplies distributor J&R Medical LLC for an undisclosed sum.
ConvaTec – a FTSE 250-listed medical technology firm – said J&R will join its Home Distribution unit. In 2017, J&R generated USD9.0 million in revenue. Over the same period, ConvaTec generated USD164.0 million pretax profit on revenue of USD1.76 billion.
ConvaTec also announced it had sold its respiratory delivery business in US states Arizona and Utah. Financial details of these divestments were also not disclosed.
The combination of both the acquisition and sales will be positive to revenue and earnings before interest, taxes, depreciation and amortisation, Convatec explained.
“The addition of J&R Medical to our Home Distribution Group will strengthen our presence in a substantial and important US market,” ConvaTec Chief Executive Officer Paul Moraviec said. “The acquisition also reinforces ConvaTec’s position as a leading distributor of urinary catheters in the US.”
Shares in ConvaTec were 0.3% lower at 205.10 pence in early trading Friday.
By Ahren Lester
Source: Alliance News via Interactive Investor
With a first to market advantage, Ferring’s Rebyota has seen early positive adoption from gastroenterologists and infectious disease specialist in the first month post-launch. As part of their Launch Dynamix™: C.diff service, Spherix reports, while new monthly initiations are modest, a majority of physicians trialing Rebyota report high satisfaction.
Global biopharmaceutical firm UCB has entered an early drug discovery collaboration with Aitia. The collaboration is aimed at discovering and validating new drug targets and drug candidates that are linked to clinical endpoints causally in Huntington’s disease, a debilitating genetic disorder.
Foundry Innovation & Research 1—known by its much catchier acronym, FIRE1—announced Wednesday the close of a $25 million financing round. It was led by a pair of new investors in the company: Andera Partners and Novo Holdings, the holding and investment company that serves as the controlling shareholder for Novo Nordisk and Novozymes.