US medical device outsource manufacturer Integer Holdings Corporation (NYSE: ITGR) announced that it has acquired Israeli medical device developer Inomec. No financial details were disclosed.
The acquisition will allow Integer to set up an R&D and sales center in the region. Integer also said that the acquisition will add important catheter design, clinical, and pilot manufacturing capabilities to its portfolio, and further position the company as a partner for innovative medical technologies.
Integer president and CEO Joe Dziedzic said, "Acquiring Inomec strengthens our research and development pipeline by adding differentiated capabilities and expanding our global footprint in a key market with an extensive innovation ecosystem that is widely recognized as a leader in medtech innovation."
Founded in 2008, Inomec specializes in R&D and manufacturing medical devices, including minimally invasive tools, delivery systems, metal implants, drug-device combination devices, and laser processing services. Capabilities include clinical and pilot manufacturing, clean room assembly and packaging services, polymer and metallic laser welding, and bio-compatible 3D printing.
"Expanding our capabilities closer to our customers in Israel, an important region for medical device innovation, will allow us to more effectively enable our customers’ innovation processes and accelerate new product development," said Payman Khales, president of Integer’s Cardio & Vascular business.
Inomec founder and CEO Sefi Shachrur said, "Integer’s leadership as a medical device outsource manufacturer is unmatched and we look forward to providing our customers increased opportunities with our combined capabilities."
Integer stressed that Israel (Inomec) will become an important research and development center. The new center will enable Integer to be surrounded by an extensive pipeline of early and late stage startups as well as multinational medtech companies located in Israel, while providing added research and development capabilities to feed Integer’s other manufacturing facilities globally.
Published by Globes, Israel business news - en.globes.co.il - on February 20, 2020
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