N.J.–(BUSINESS WIRE)–Samsung Electronics
Co., Ltd., a global leader in technological innovation, announced today it has
acquired the Nexus division of ITC Nexus Holding Company (ITC), a leading provider
of cardiac point-of-care testing solutions.
Nexus develops, manufactures and markets the Cardiac STATus®,
DECISION Point™ and VYENT™ line of rapid test kits that aid in the diagnosis
and monitoring of several cardiovascular diseases.
“This investment represents an exciting opportunity to
strengthen Nexus technological capabilities while enabling Samsung to compete
in the cardiac point-of-care testing market,” said Yong-chu Bang, Vice
President of Samsung Electronics Health and Medical Equipment (HME) business
team. “We welcome the expertise that Nexus brings and believe this partnership
will play a vital role in helping Samsung to position itself as a global leader
in healthcare technology.”
“Samsung has a history of leadership and innovation in high
growth sectors and has recently announced a commitment to invest in the medical
device, diagnostic, and biopharmaceutical industries,” said ITC Chief Executive
Officer John Sperzel. “We believe this divestiture will provide Nexus the
resources and support to continue to develop and build its platform of cutting
edge rapid cardiac testing products and enable ITC to focus and build on its
core hemostasis point-of-care testing and monitoring products that target the
physician office and hospital markets.”
Nexus will continue to operate from its San Diego, California
headquarters and become part of Samsungs HME division which focuses on
developing and bringing to market innovative technological solutions for the
As part of long-term plans to develop next-generation growth
engines, Samsung announced last year its goal to invest 1.2 trillion won
through 2020 in healthcare equipment. Its first major move into electronic
diagnostics tools began early this year with the acquisition of a controlling
stake in diagnostic ultrasound manufacturer Medison, now renamed Samsung
Medison Co., Ltd.
ITC Nexus Holding Company will continue business under the
name ITC. The acquisition is expected to be completed during the fourth quarter
of 2011. Terms of the transaction were not disclosed.
About Samsung Electronics
Samsung Electronics Co., Ltd. is a global leader in semiconductor,
telecommunication, digital media and digital convergence technologies with 2010
consolidated sales of US$135.8 billion. Employing approximately 190,500 people
in 206 offices across 68 countries, the company consists of nine independently
operated business units: Visual Display, Mobile Communications,
Telecommunication Systems, Digital Appliances, IT Solutions, Digital Imaging,
Memory, System LSI and LCD. Recognized as one of the fastest growing global
brands, Samsung Electronics is a leading producer of digital TVs, semiconductor
chips, mobile phones and TFT-LCDs. For more information, please visit www.samsung.com.
Nexus was formed in 2009 and is a provider of innovative rapid POC testing
solutions used to diagnose several cardiovascular diseases. The companys
Cardiac STATus®, DECISION Point™ and VYENT™ products are used by thousands of
healthcare professionals worldwide to improve the quality of medical diagnoses
and patient outcomes. For more product information, go to www.nexus-dx.com.
ITC is a world leader in the fields of hemostasis management and POC testing
with over 40 years of knowledge and experience. ITC develops, manufactures, and
markets: Hemochron® and ProTime® POC coagulation systems; IRMA TruPoint® Blood
Gas and Electrolyte systems; Avoximeter® CO-Oximetry systems; and Tenderfoot®,
Tenderlett® and Surgicutt® skin incision products. ITC is a portfolio company
of Warburg Pincus, the global private equity firm. For more product
information, go to www.itcmed.com.