Medical technology company Getinge has completed its acquisition of the previously announced acquisition of 100% of the shares of Paragonix Technologies for $477m.
Paragonix Technologies is a developer and manufacturer in the organ transplant industry, developing new methods for organ preservation.
It is one of Signet Healthcare Partners’ medical device portfolio companies.
The Massachusetts-based company offers advanced organ preservation (AOP) devices that protect donor organs from donor to recipient.
Getinge anticipates that the acquisition, which was announced last month, is expected to boost its global healthcare portfolio and address needs in solid organ transplantation.
It also expects to create new opportunities by combining organ containment and blood perfusion technologies for new solutions.
The total purchase price includes upfront and currently estimated earn-outs. The deal was completed after meeting all the conditions.
Sweden-based Getinge paid around $253m in cash to complete the acquisition on a cash and debt-free basis.
Earn-out payments, potentially exceeding $224m, will be made between 2024 and 2026 if regulatory and financial milestones are met.
The initial payment was financed through a bridge loan from SEB.
Signet managing director and Paragonix Technologies board director Ashley Friedman said: “Paragonix has established itself as a leader in the field, and with Getinge’s global reach and resources, we are confident they will continue to drive innovation and improve the lives of transplant patients worldwide.”
Signet began its partnership with Paragonix in March 2023, leading a $25m Series B investment.
The investment firm was the first and only institutional investor in Paragonix, driving its growth and facilitating an add-on acquisition in 2023 that expanded its services.
Paragonix has built a portfolio to serve the transplant community, including clinical research, smart digital logistics platforms, and national clinical services networks.
Integrating the firm’s expertise with Getinge’s resources and distribution network will speed up the availability of this technology.
Paragonix president & CEO, founder Lisa Anderson said: “Signet’s deep medtech experience, exceptional commercial scaling expertise, and extensive medical device network provided an immediate launching pad for our Company’s rapid growth and, ultimately positioning us for a successful acquisition by a major strategic player.”
Last month, Paragonix Technologies announced a new molecular diagnostics study to expand data collection in post-transplant monitoring. The new trial will expand the GUARDIAN Registry.
