ResMed Announces Acquisition of BiancaMed
SAN DIEGO, July 6, 2011 /PRNewswire/ -- ResMed Inc. (NYSE: RMD and ASX: RMD), a leading developer, manufacturer and distributor of medical equipment for treating, diagnosing and managing sleep-disordered breathing and other respiratory disorders, announced today that it has acquired BiancaMed Ltd., a leading Irish medical technology company. ResMed purchased all of BiancaMed's outstanding shares with cash.
BiancaMed has developed and is marketing an innovative, convenient, non-contact device to monitor sleep and breathing in the home and hospital. BiancaMed's SleepMinder™ is an accurate, touch-free device that measures sleep and breathing with sophisticated biometric software. The core of BiancaMed's proprietary technology is a motion sensor that can detect respiration and movement without physical contact with the human body. The company is developing a number of other applications for the technology, across a range of medical and consumer settings. BiancaMed will become a part of ResMed's newly-created Ventures and Initiatives unit. ResMed estimates the acquisition will dilute ResMed's earnings per share by approximately $0.04 in fiscal year 2012, excluding amortization of intangibles and one-time acquisition related costs.
"We are committed to innovation in sleep and respiratory medicine and the related co-morbidities by commercializing products incorporating novel technologies," commented Dr. Peter Farrell, ResMed's chairman and chief executive officer. "We have worked closely with BiancaMed for many years and have been investors since their inception in 2003. BiancaMed has exciting technology and a world-class team. We believe there are many opportunities for BiancaM