With the divestiture of the surgical and infection prevention (S&IP) business complete, Halyard Health is changing its name to Avanos Medical. When the sale of the S&IP vertical to Owens & Minor was originally announced, it was made clear the Halyard name was going with the lines of gowns, sterilization wraps, and other prominent products in the healthcare field.
According to a press release, Avanos is an amalgamation of “advanced” and “innovation.” It’s meant to convey a revived commitment to bringing major advances to the healthcare field.
“Having completed the divestiture of S&IP, Avanos is now a pure-play medical devices company,” Joe Woody, CEO of Avanos said. “Today, Avanos is positioned with a forward-thinking mindset and the firepower to make strategic investments in breakthrough innovation and acquisitions in attractive markets.”
The name change is effective as of June 30, 2018.
(Image credit: CoolSystems, Inc.)
The company also announced the planned acquisition of CoolSystems, Inc. The new addition manufactures cold therapy and compression therapy systems under the name of Game Ready, primary serving patients recovering from orthopedic procedures and sports-related injuries. It will be brought into the Avanos family at a reported cost of $65 million.
The integration of the Game Ready line of products is part of the company’s emphasis on pain management.
“The combination of Game Ready’s market leading cold therapy products with our ON-Q* Pain Relief System portfolio will significantly enhance our postoperative non-opioid product offerings and broaden our orthopedic footprint,” Woody said. “Combined, we will be better positioned to play a critical role in providing innovative non-opioid therapies that reduce or eliminate the use of opioids for surgical patients and get them back to the things that matter.”
Pending all necessary approvals, the deal is expected to officially close in the third quarter of 2018.
