US healthcare group Baxter International has acquired private equity-backed ApaTech, a bone repair specialist, for up to $330 million (£220 million).
US healthcare group Baxter International has acquired private equity-backed ApaTech, a bone repair specialist, for up to $330 million (£220 million).
Hertfordshire-based ApaTech provides synthetic bone materials for orthopedic and dental applications and generated revenue of $60 million in 2009.
Since forming in 2001, ApaTech has raised more than $60 million from venture capital investors, and the deal represents an exit for current shareholders Encore Ventures, a division of DFJ Esprit, as well as Healthcor and MTI.
Simon Cartmell, CEO of ApaTech, says: ‘The combination of our market presence and insights with the resources of Baxter will enable us to deliver innovative new technologies to more patients worldwide.’
In the last quarter of 2009, Baxter International, which supplies medical devices and pharmaceutical products, reported an increase in global sales of 11 per cent to $3.5 billion and a rise in pre-tax profits of 4 per cent to $715 million.
