Bangalore based healthcare equipment maker, Opto Circuits (India) Limited (OCI), has acquired US-based Unetixs Vascular, Inc, a specialist in the detection of peripheral arterial disease (PAD), for a cash consideration of approximately $9.7 million. OCI will fund the acquisition through internal accruals, it said in a statement.
Unetixs designs, develops and markets a full line of USFDA-approved vascular diagnostic systems and accessories. The products cover a wide range of applications from high-end vascular diagnostic systems to fully self-contained low-cost diagnostic stations. Unetixs’ equipment is used in physician offices, vascular labs, hospitals and mobile testing units by such diverse professionals like vascular surgeons, cardiologists, primary care physicians, endocrinologists, podiatrists and technologists.
Unetixs’ special interest lies in the detection of peripheral arterial disease (PAD). PAD is a growing health concern across demographics. Early detection of the disease, with equipment developed by Unetixs, enhances the chances of successful treatment and management of the problem.
“Access to the state-of-the-art PAD detection technology of Unetixs Vascular is a key milestone for Opto. It will allow us to now offer to the world, diagnostic products from Unetixs and treatment products provided by Eurocor, our European subsidiary. We also expect the Unetixs product line to open doors for our Criticare range of patient monitors in key US healthcare establishments”, stated Vinod Ramnani, Chairman and Managing Director, Opto Circuits India.
Unetixs holds 14 patents worldwide. The company employs a trained sales force which includes seven direct sales representatives,12 independent manufacturer’s representatives throughout the US and international offices based out of England; it also works with several distributors around the world.
Opto which is essentially an export oriented unit with a manufacturing & R&D facility at Electronics City in Bangalore, has been steadily building on various niches within healthcare equipment manufacturing.
Early this year, Opto Circuits acquired Kolkata-based N S Remedies Ltd for $1.5 million (about Rs 6.7 crore). N S Remedies is engaged in stent manufacturing and research & development (R&D) activities. The acquisition aimed at helping Opto to manufacture stents, and reduce its dependency on external agencies. This backward integration also helped Opto enhance the value of the products offered by it in the interventional cardiac space, besides reducing the manufacturing costs.
It earlier acquired a firm called Criticare Systems, Inc, a non-invasive medical devices manufacturer in the US in 2008. Prior to that, it had acquired EuroCOR GmbH in Germany and Palco Labs in USA. In 2009, the company also raised Rs 400 crore through a qualified institutional placement (QIP).