Symmetry bags Olsen Medical | Acquisitions roundup

August 8, 2011 By MassDevice staff

Orthopedic company Symmetry Medical (NYSE:SMA) signed a definitive agreement to acquire Olsen Medical the terms of which were not disclosed.

Olsen manufactures single-use and reusable forceps, cords, electrosurgical pens/pencils, electrodes and accessories sold primarily in the U.S. and internationally through distributors.

"We have partnered with Olsen Medical for several years through our SSI subsidiary and know them to be innovative, with a strong brand name and market presence," said Symmetry president & CEO Thomas Sullivan, who called the acquisition "consistent with Symmetry’s strategy to complement our core business as a medical device supplier with growth in our direct hospital business through expanded products and territories that are consistent with our expertise and market segments."

The value of the acquisition hasn’t been announced, but it will be all cash, according to the press release. The deal should close by the end of next week.

Here’s a roundup of companies announcing mergers, acquisitions and divestitures.

Merge Healthcare and Ophthalmic Imaging make it official
Merge Healthcare Inc. (NASDAQ:MRGE) closed on its $40 million acquisition of Ophthalmic Imaging Systems (OTCBB:OISI).

"This is an exciting time for Merge as demand for ophthalmic imaging solutions has increased due to factors such as an aging population, early disease recognition, and the growing need for portable diagnostic equipment," Merge CEO Jeff Surges said in a press release. "Plus, we are now in a unique position to capitalize on the growing EHR market specific to image-intensive specialties."

The deal was first announced early in June.
Read more

Alere stays persistent on Axis-Shield
Alere Inc. (NYSE:ALR) upped its stake in Scottish competitor Axis-Shield after being rebuffed on an unsolicited $369 million acquisition offer. Taking the rejection in stride, Alere announced that it bought up nearly 2.1 million more shares of Axis-Shield stock, bringing the Waltham, Mass.-based company’s total stake to about 3.2 million shares, or about 6.4 percent of Axis-Shield.
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Symphony nabs JGI
Madison, Wis.-based Symphony Corp. announced successful acquisition of JGI, a New Jersey-based consulting and technology firm with significant health care presence.

"Together as one company, Symphony and JGI now offers a new ‘business intelligence’ approach for the healthcare marketplace, enabling decision-makers to see data that helps them refine operations and provides insight needed to increase the bottom line, said JGI’s former CEO George DiGrandi, who will now take over as senior VP of sales and business development for Symphony.
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SAIC snags information technology provider
Mclean, Va.-based Science Applications International Corp. (NYSE:SAI) announced successful acquisition of clinical, business and information technology provider Vitalize Consulting Solutions. VCS focuses primarily on hospital electronic health record products and systems.
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