Simplivia Healthcare buys diagnostics co Novamed

Ori Yehudai

FIMI controlled Simplivia, which develops devices for the safe administration of hazardous drugs, operates out of the former Teva factory in Kiryat Shmona.

Israeli drug delivery company Simplivia Healthcare Ltd. has announced that it has acquired 70% of diagnstics company Novamed at a company valuation of NIS 24 million. Simplivia, which is controlled by FIMI Opportunity Funds and operates out of Teva's former Tevadaptor Kiryat Shmona factory, develops and manufactures closed system transfer devices to protect pharmacists, nurses, and other medical professionals in hospital settings from exposure to hazardous drugs, most often oncology drugs. They also ensure drug sterility to protect patients.

Value Base M&A Israel acted as the investment bank in the deal.

Novamed is an Israeli developer and manufacturer of diagnostic platforms. The company employs 100 people including researchers and engineers at its manufacturing facility in Jerusalem. The company has supplied Covid-19 test kits during the pandemic and recently launched its new innovative patent-protected product portfolio to advance home-diagnostics and value-based medicine.

Since control of Simplivia was acquired by FIMI in 2019, former Frutarom CEO Ori Yehudai has served as chairman. He said, "In the past two years since its acquisition from Teva, we established a strong management team, and demonstrated impressive profitable growth. Simplivia intends to continue its rapid internal growth combined with strategic acquisitions of medtech companies, develop new technologies and expand its collaboration with research institutes, as part of the accelerated growth strategy."

Novamed founder, and CEO said, "We are very excited about joining forces with Simplivia. This will allow us to further develop Novamed's diagnostic portfolio and expand our global reach through Simplivia's marketing channels and established expertise in the medical device field."

Published by Globes, Israel business news - en.globes.co.il - on January 5, 2021

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