CardioNet enters cardiac services market by buying Biotel
Deal summary reprinted from Strategic Transactions - April 2009
CardioNet (heart rhythm disorders) has agreed to acquire Biotel (cardiac devices and software) for $13.3mm in cash or about $4.82 per share (a 166% premium) in order to advance its entry into the cardiac clinical research services market.
CardioNet has been developing products that provide mobile continuous real-time information to diagnose or monitor cardiac arrhythmias, including the Mobile Cardiac Outpatient Telemetry (MCOT) system. The acquisition provides CardioNet with the launching board from which to spring its platform. Biotel has several divisions--Braemer and its distribution center and Agility Centralized Research Services--that provide research and manufacturing services. Braemer claims to be the biggest global provider of battery-powered diagnostic cardio devices worn by patients, including 24- and 48-hour holter recorders and 30-day cardiac ECG event recorders used by other medical device companies within their own product lines. Braemer also makes and services tissue extraction devices, diagnostic ultrasound imaging products, and blood flow measurement devices. Agility Centralized Research Services offers event, holter, and 12-lead ECG 24-hour-a-day monitoring services to various companies and organizations.
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