Cardiac Science, a part of public listed medical technology group Opto Circuits, has signed an agreement to sell its diagnostic cardiology product line to Mortara Instruments Inc for $21 million (about Rs 114 crore), as per a stock market disclosure.
The transaction does not include MySense, the wearable single patient ECG recorder system and the resuscitation business unit which markets automated external defibrillators (AEDs) worldwide.
“Divestiture of the diagnostic cardiology product line will bring strategic focus to Cardiac Science. The company will be able to exclusively focus on innovation and expansion of market share in high margin and high growth resuscitation business,” said Neal Long, CEO, Cardiac Science.
Opto Circuits Ltd is a vertically integrated multinational medical technology group that specialises in primary, acute and critical care products for global markets. Its US-based arm Cardiac Science develops, manufactures and markets a family of diagnostic and therapeutic cardiology devices and systems.
“The addition of these businesses to our organisation represents a market opportunity to accelerate the introduction of Mortara’s leading ECG technology to new markets,” Justin Mortara, CEO of Mortara Instruments, said.
Mortara Instruments is a Milwaukee based provider of non-invasive cardiology products including electrocardiographs, stress exercise systems, data warehousing solutions and cardiology monitoring systems.
(Edited by Prem Udayabhanu)