Technology titan Samsung Electronics (LON:BC94) made new moves in the medical device space with the stealthy buyout of Danvers, Mass.-based imaging devices maker NeuroLogica.
The companies didn’t provide many details on the closed-doors deal, but the acquisition fits into Samsung’s larger vision to "explore new avenues of growth in the healthcare business."
Samsung solidified its interest in the medical device space in May 2011 when it formed a new corporate identity for its medtech division through a collaboration with Korea-based Medison Co., forming Samsung Medison.
"We will dramatically increase our investment in research and development, and will do our best to promote human health and happiness by securing the best in scientific and human resources in the medical device industry," Samsung Medison CEO Sang-Won Bang had said in prepared remarks.
The company said at the time that it aimed to become one of the world’s top diagnostic ultrasound firms and to be 10,000 employees strong by 2020, a target that Samsung remains committed to, according to the recent announcement. Later that year Samsung announced that it would invest $1.1 billion into building its medical imaging business over 10 years.
"The acquisition of NeuroLogica is another important step in the expansion of Samsung’s medical imaging business," according to the new report. "Samsung will continue to strengthen its capabilities and product portfolio to establish itself as a trusted leader in the health and medical equipment industry."
NeuroLogica was building a sizable presence of its own, forging collaborations with partners interested in its portable CT scanning technology, including the BodyTom and CereTom systems, which both have FDA clearance and CE Mark approval in the European Union.
In recent months NeuroLogica signed technology integration pacts with Steris (NYSE:STE), ActiViews and medtech industry titan Medtronic (NYSE:MDT).
