TriVirix, which had $25 million in revenue in 2003, is acquiring certain assets from medical giant Medtronic, which had $9 billion in revenue this past fiscal year.
Trivirix announced Tuesday that it had purchased manufacturing and support operations of the urology, gastroenterology and neurology diagnostic business of Medtronic.
Terms were not disclosed.
TriVirix provides contract manufacturing services and support for electronic and electromechanical medical and life sciences equipment.
Under the deal, TriVirix will provide back to Medtronics product development and manufacturing services. Medtronic will still market, sell, define and fund product development in those segments, TriVirix said.
“TriVirix’s business model is to grow through a combination of strategic and organic transactions,” said Kathy Blum, interim CEO and COO of TriVirix. “This, our fourth strategic transaction, is a strong endorsement of our performance against this model.”
Earlier this year, TriVirix signed a manufacturing agreement with Serion Incorporated to manufacture that firm’s closed wound drainage vacuum controller.
In May, TriVirix won a deal to manufacture a blood pressure meter that can be used with PCs.
TriVirix also acquired the assets of UMM Electronics in Indianapolis.
TriVirix said earlier this year it expects to be profitable in 2004. Richard West, the founder and CEO, stepped down in April.
TriVirix: www.trivirix.com
