BD is headquartered in New Jersey but has a significant presence in Durham. The medical technology company said in a statement that buying Parata Systems will advance the company’s strategy to “accelerate innovation in smart, connected care and enable new care settings.”
The all-cash deal will also involve Frazier Healthcare Partners, a private equity firm, according to the statement.
BD noted in the statement that the deal to acquire Parata Systems will give “access to a new $600 million pharmacy automation market segment.” That segment could grow by 10% annually and reach $1.5 billion, the statement indicates.
“BD is a great home for our company, innovative solutions and technology, and Parata’s team members,” said Rob Kill, CEO of Parata Systems in a statement. The company’s revenue in the prior 12 months, ending March 31, 2022 was about $220 million, the statement noted.
The deal is expected to close “by the end of the first half of BD’s fiscal year 2023” and will be subject to certain conditions, including regulatory clearances.
Deep ties to Triangle
Parata acquired a Canadian firm in early 2021 and announced an expansion in Durham in 2019 that targeted completion in early 2020. The company was founded in 2001 and the co-founders stepped down from daily operations roles in 2010. The company spun off HAP Innovations in 2015.
BD formed a partnership with a Morrisville-based company in 2020 to develop a COVID-19 rapid test. The company has a corporate R&D and technology center in Research Triangle Park and also other facilities in Durham and Mebane. BD is among the companies mentioned in a recent WRAL.com publication that investigates North Carolina’s dominance in clinical research and diagnostic testing. BD also announced a distribution facility to be based in Wilson in 2010 in an economic development project expected at the time to add 180 jobs.