Chennai/ Bangalore: Bangalore-based healthcare equipment company Opto Circuits (India) Ltd has acquired around 76 per cent of the outstanding common shares of US-based Cardiac Science Corporation as part of its acquisition plans. Earlier, the company had agreed to acquire Cardiac Science Corporation for $64 million.
The company also plans to exercise its top-up option under the terms of the merger agreement, which is expected to occur in the next few days, the company release said.
Following the merger, Cardiac Science will become a wholly-owned subsidiary of Opto Circuits. Cardiac Science specialises in many healthcare equipment in cardiology space including electro-cardiograph devices, cardiac stress treadmills and systems, vital sign monitors among others.
As per the merger deal with Cardiac Science, Opto Circuits has agreed to acquire all the outstanding shares of Cardiac Science for $2.30 per share.
The company has recently acquired two companies to further its business growth both in domestic and international market.
While the company acquired the US-based Unetixs Vascular Inc at $9.7 million in July, it acquired a domestic company, NS Remedies for $1.50 million in April of this year.
Unetixs’ products like vascular diagnostic systems and accessories will be marketed in countries like Europe and West Asia among others.
As per analysts, Unetixs’ that holds 14 patents world wide in peripheral arterial disease (PAD) space, will help Opto to grab a substantial market share in near future.
Similarly, NS Remedies had been acquired by Opto in April this year at an investment of $1.50 million and is expected to provide a cost saving of 20 per cent in stent manufacturing to the company.
The company, presently, sources stent, a critical component of cardiac surgery, from its Germany based Eurocor Gmbh facility.
Opto specialises in range of products like pulse oximeters, pulse oximeter sensors, fluid warmers, cholesterol monitors and stents.
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