The purchase occurred through Castlerise Investments Ltd., a newly formed wholly owned subsidiary of HemCon. Alltracel will operate as a wholly owned subsidiary of HemCon and maintain its headquarters in Dublin. Combined revenue is expected to exceed $100 million.
Alltracel licenses their proprietary technologies across a wide spectrum of industries in the wound care markets. In addition, Alltracel offers private-label oral care products licensed in Europe through the Butler and GUM brands. The acquisition expands distribution opportunities for HemCon's KytoStat Bandage and other products in Europe while also expanding Alltracel's oral care products and medical technologies in the United States.
"We look forward to combining our resources and continuing to innovate," said John W. Morgan, CEO of Portland-based HemCon, in a statement. "The acquisition further strengthens HemCon's ability to develop health care breakthroughs and life-saving technologies on a global scale."HemCon develops and makes products that control bleeding and infection resulting from trauma or surgery.
The company's signature product is a bandage -- made from material extracted from shrimp shells called chitosan -- that bonds to severe wounds within minutes of being applied.
Source Portland Business Journal
No comments:
Post a Comment