ResMed (NYSE:RMD) said today it acquired oxygen therapy medical device company Inova Labs for an undisclosed amount.
The acquisition of Austin, Texas-based Inova Labs adds the LifeChoice Activox portable oxygen concentrator and Activox Duo2 fully-integrated oxygen concentrator system to ResMed’s portfolio of products, the company said.
“ResMed is the global leader in connected healthcare solutions for sleep and respiratory conditions. That’s a perfect fit with our mission to offer oxygen therapy solutions that empower individuals to stay active and sleep well. We are excited about joining forces with ResMed and benefiting from their global expertise and innovative culture, to improve patient engagement and adherence to treatment, to create business efficiencies for home medical equipment providers, and to help enhance the quality of life for those suffering from COPD and other chronic respiratory conditions,” Inova Labs CEO John Rush said in a prepared statement.
Financial and other terms and conditions of the acquisition were not announced. ResMed said the acquisition of the oxygen therapy-focused company would aid in its focus on treating chronic obstructive pulmonary disease.
“COPD is the 3rd leading cause of death in the United States and, sadly, the disease is on its way to achieving the same ranking globally. We are excited to expand our offerings and solutions for the global COPD epidemic and to progress even more swiftly toward our ResMed goal of improving 20 million lives by 2020. With the acquisition of Inova Labs, ResMed is delivering on its commitment to find further ways to improve the quality of life for tens of millions of people as they deal with COPD, this chronic, progressive disease that literally takes patients’ breath away when untreated,” ResMed CEO Mick Farrell said in a press release.
Last October, ResMed closed its purchase of non-invasive sleep-disorder breathing and ventilation device maker Curative Medical for an undisclosed amount.
San Diego, Calif.-based ResMed said Curative Medical will remain independent under its CEO Jason Sun with its own R&D, manufacturing, marketing and sales focused on the Chinese market in different customer segments than ResMed.