Last month, the companies inked a definitive agreement under which Getinge would acquire the Massachusetts-based organ transplant technology developer.
Getinge expects the deal to enhance its global healthcare portfolio while addressing needs in solid organ transplantation. Additionally, it expects to create opportunities to combine organ containment and blood perfusion technologies for new innovations.
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Gothenburg, Sweden–based Getinge paid approximately $253 million in cash upon completion on a cash and debt-free basis. A bridge loan provided by SEB financed the initial payout related to the acquisition.
The company expects to make earn-out payments between 2024 and 2026 upon the achievement of regulatory and financial milestones. Those payments may exceed $224 million in aggregate.
Paragonix develops a series of organ preservation systems. Its offerings include systems for liver, heart, pancreas and lung preservation. The company designed its devices to combine clinically proven, stable, hypothermic preservation technology with an extensive clinical support network. There are digital tools for complete control over the process of organ tracking, monitoring and reporting.
The integration of the technologies with Getinge’s resources and distribution network can accelerate the availability of the technology. Paragonix and Getinge expect their deal to foster the creation of technologies that can address critical global healthcare needs.
“Combining Paragonix Technologies’ leading offering and pipeline with Getinge’s expertise and offering in the acute heart and lung support, digital technologies, and services creates an attractive portfolio of products and services for the global transplant market,” Getinge said in a news release. “The deal also enables the development of new combined offerings for the future – strengthening the leading position further.”
