Hoya (TYO:7741) subsidiary Pentax Medical said it agreed to buy a stake in U.K. electrosurgery device maker Creo Medical for an unspecified amount.
The move is part of Pentax Medical’s plan to get into the endoscopic therapy device market, the Japan-based company said.
“We are pleased to be investing in an organization with a proven record of innovation in a business that aligns seamlessly with Pentax Medical’s cutting-edge flexible endoscopes portfolio. This investment grants us access to an innovative electrosurgical platform and accelerates Pentax Medical’s strategy of more effectively serving physicians and their patients in a rapidly evolving health care industry by expanding into the vital endoscopic therapy space,” chief marketing officer David Woods said in prepared remarks.
“We welcome new investor Pentax Medical, who has identified endoscopic therapeutic devices as a priority area and supports our vision to be leaders in electrosurgery. With this investment we are well positioned to complete U.S. regulatory approval, build on our growing intellectual property portfolio and develop commercial traction in key global markets,” added Creo Medical CEO Craig Gulliford.