Spectrum Dynamics, part of the Medinvest Group of Prof. Shlomo Ben Haim, has been acquired by Singapore company Biosensors International Group Ltd. for $51 million, including milestone payments on future achievements. The deal will be closed today.
Spectrum Dynamics is a medical device company focused on personalized molecular imaging and applications in nuclear cardiology. As part of the deal Biosensors is buying all Spectrum Dynamics assets in cardiology and the companies will establish a joint venture to develop other non-cardiac products.
Spectrum's products are approved for marketing in the US and other countries, and the company already has revenue of several million dollars. Biosensors specializes in developing countries and Spectrum's future marketing efforts will be concentrated in that direction.
Spectrum was founded in 2004 by biomed serial entrepreneur Yaron Front, Ben Haim and general manager Yoel Zilberstien, a former senior executive in Biosense, which was founded by Ben Haim and has been successfully integrated to Johnson & Johnson. CEO is Jim Haisler, a former senior sales and marketing executive with Philips.
Spectrum has raised $29 million to date from Ben Haim and his former business partners Lewis Pell, Moti Bier, and Gandyr Group founded by Yehudit Yovel Recanati. Spectrum is headquartered in Danville, California with its development center in Caesarea.
This is the first exit for Ben Haim's Medinvest project, which encompasses nine well-established companies for which bonds were issued to Israeli and overseas investors.
Ben-Haim said, "The synergy created as a result of this deal will provide us with meaningful resources to better realize the potential of our business. The ability to accurately detect and diagnose reversible ischemia prior to catheterization has become a critical issue in the treatment of cardiovascular disease. Spectrum Dynamics' advanced imaging systems will enable doctors to more effectively determine the appropriate course of treatment for their patients. By combining the sales forces of the two companies, Biosensors can provide extensive coverage and leverage their excellent relationships with key potential customers in order to drive the use of Spectrum Dynamics' technology worldwide."
Published by Globes [online], Israel business news - www.globes-online.com - on May 23, 2013
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