Samsung Electronics Acquires Nexus Division of ITC
Nexus develops, manufactures and markets the Cardiac STATus®, DECISION Point™ and VYENT™ line of rapid test kits that aid in the diagnosis and monitoring of several cardiovascular diseases.
"This investment represents an exciting opportunity to strengthen Nexus technological capabilities while enabling Samsung to compete in the cardiac point-of-care testing market," said Yong-chu Bang, Vice President of Samsung Electronics Health and Medical Equipment (HME) business team. "We welcome the expertise that Nexus brings and believe this partnership will play a vital role in helping Samsung to position itself as a global leader in healthcare technology."
"Samsung has a history of leadership and innovation in high growth sectors and has recently announced a commitment to invest in the medical device, diagnostic, and biopharmaceutical industries," said ITC Chief Executive Officer John Sperzel. "We believe this divestiture will provide Nexus the resources and support to continue to develop and build its platform of cutting edge rapid cardiac testing products and enable ITC to focus and build on its core hemostasis point-of-care testing and monitoring products that target the physician office and hospital markets."
Nexus will continue to operate from its San Diego, California headquarters and become part of Samsungs HME division which focuses on developing and bringing to market innovative technological solutions for the healthcare industry.
As part of long-term plans to develop next-generation growth engines, Samsung announced last year its goal to invest 1.2 trillion won through 2020 in healthcare equipment. Its first major move into electronic diagnostics tools began early this year with the acquisition of a controlling stake in diagnostic ultrasound manufacturer Medison, now renamed Samsung Medison Co., Ltd.
ITC Nexus Holding Company will continue business under the name ITC. The acquisition is expected to be completed during the fourth quarter of 2011. Terms of the transaction were not disclosed.
About Samsung Electronics
Samsung Electronics Co., Ltd. is a global leader in semiconductor, telecommunication, digital media and digital convergence technologies with 2010 consolidated sales of US$135.8 billion. Employing approximately 190,500 people in 206 offices across 68 countries, the company consists of nine independently operated business units: Visual Display, Mobile Communications, Telecommunication Systems, Digital Appliances, IT Solutions, Digital Imaging, Memory, System LSI and LCD. Recognized as one of the fastest growing global brands, Samsung Electronics is a leading producer of digital TVs, semiconductor chips, mobile phones and TFT-LCDs. For more information, please visit www.samsung.com.
Nexus was formed in 2009 and is a provider of innovative rapid POC testing solutions used to diagnose several cardiovascular diseases. The companys Cardiac STATus®, DECISION Point™ and VYENT™ products are used by thousands of healthcare professionals worldwide to improve the quality of medical diagnoses and patient outcomes. For more product information, go to www.nexus-dx.com.
ITC is a world leader in the fields of hemostasis management and POC testing with over 40 years of knowledge and experience. ITC develops, manufactures, and markets: Hemochron® and ProTime® POC coagulation systems; IRMA TruPoint® Blood Gas and Electrolyte systems; Avoximeter® CO-Oximetry systems; and Tenderfoot®, Tenderlett® and Surgicutt® skin incision products. ITC is a portfolio company of Warburg Pincus, the global private equity firm. For more product information, go to www.itcmed.com.