CLARENCE, N.Y.--(BUSINESS WIRE)--Greatbatch, Inc., (NYSE:GB) today announced the acquisition of NeuroNexus Technologies (“NeuroNexus”) for approximately $12 million in cash, including the assumption of debt and future considerations.
NeuroNexus, headquartered in Ann Arbor, Michigan, is an active implantable medical device design firm specializing in developing and commercializing high-value neural interface technology, components and systems for neuroscience and clinical markets. The company has an extensive intellectual property portfolio, core technologies and capabilities to support the development and manufacturing of innovative neural interface devices across a wide range of functions including neuromodulation, sensing, optical stimulation and targeted drug delivery applications.
“We are very excited to have the NeuroNexus team join the QiG Group and Greatbatch family of companies. Together, we believe that we can research, design, develop and manufacture new world-class proprietary products and systems that will expand and potentially re-define the fields of cardiovascular and neuromodulation as we know them today,” stated Thomas J. Hook, President and CEO of Greatbatch, Inc. “Additionally, the strong alliance NeuroNexus has with the University of Michigan and the Michigan Economic Development Corporation should position us to expand our operations in the region.”
Daryl R. Kipke PhD., NeuroNexus President and CEO, stated, “We are delighted to have this opportunity to strengthen and accelerate our position as a world-class leader in neural interface devices. Our innovative, high fidelity and high precision lead technologies combined with QiG Group and Greatbatch capabilities will ensure the achievement of our goals of advancing cardiovascular and neuromodulation clinical therapies and providing innovative research products to leading neuroscientists around the world to fuel progress in neuroscience. Additionally, we are excited that this opportunity allows us to continue and expand our presence in the high-technology hub of Ann Arbor and the broader Michigan region.”
NeuroNexus, founded in 2004, employs approximately 25 associates in its Ann Arbor facility. The highly talented team, many of whom possess advanced doctorate degrees in engineering and neuroscience, have diverse capabilities in medical device development. “The world class team further strengthens our QiG Group’s research, development and engineering talent and expands our footprint in key strategic locations,” Hook concluded.
It is anticipated that the acquisition will be non-dilutive to adjusted operating earnings in 2012.
About Greatbatch, Inc.
Greatbatch, Inc. (NYSE: GB) provides top-quality technologies to industries that depend on reliable, long-lasting performance through its brands Greatbatch Medical, Electrochem and QiG Group. Greatbatch Medical develops and manufactures critical medical device technologies for the cardiac, neurology, vascular and orthopaedic markets. Electrochem designs and manufactures battery and wireless sensing technologies for high-end niche applications in the energy, military, portable medical, and other markets. The QiG Group empowers the design and development of new medical devices for our core markets. Additional information about the Company is available at www.greatbatch.com.