Getinge, a Sweden-based maker of technology for hospital care, cardiovascular procedures and sterile reprocessing solutions, agreed to buy High Purity New England for as much as $370 million to boost its biopharmaceutical business.
Getinge said in a statement that it will pay about $120 million in cash for all of High Purity’s shares and as much as $170 million more through 2026 if High Purity , a closely held supplier of single-use solutions for the biopharmaceutical industry, meets revenue targets between the closing date and 2025. Getinge had sales of about 23.6 billion Swedish kronor ($2.6 billion) in 2022.
“This acquisition is another step in Getinge Life Science’s strategic journey to further expand our presence in the biopharma segment,” Eric Honroth, president of Getinge’s life sciences division, said in the statement.
High Purity offers a range of proprietary and distributed products from drug discovery, upstream and downstream processing, to fill-and-finish, used in the production of monoclonal antibodies, vaccines, cell and gene therapies and other next-generation therapies, according to the statement.
High Purity, whose headquarters and production facilities are in Smithfield, Rhode Island, employs about 150 people.
Getinge said it will fund the acquisition through cash at hand and plans to have fully integrated High Purity by the end of 2024. It added that the transaction is expected to close in the third quarter.
Getinge in March paid about $16 million for Ultra Clean Systems, a Florida-based firm that uses ultrasonic cleaning to sterilize reusable medical instruments such as those used in robotic surgery.
