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news.CardioNet, a wireless medical technology company, and Biotel, a developer of medical devices and related software products, have entered into a binding definitive merger agreement, pursuant to which, CardioNet will acquire Biotel for $4.82 per share in cash, for a total transaction value of approximately $14 million.
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As part of the acquisition, CardioNet is acquiring Biotel’s wholly-owned subsidiary, Agility Centralized Research Services, based in Chicago, US.
Agility provides event, Holter and 12 lead electrocardiography monitoring services to the medical device and pharmaceutical industries, as well as to contract research and academic research organizations worldwide. This service allows for the monitoring of cardiac conditions and therapeutic evaluation within clinical trials. This is the first step in the strategic expansion of the CardioNet business outlined by the company earlier in 2009.
With the acquisition, CardioNet provides physicians and patients with the most comprehensive array of products for the diagnosis and monitoring of cardiac arrhythmias. The company’s product portfolio will include Holter monitoring, wireless event monitoring and CardioNet’s Mobile Cardiac Outpatient Telemetry, the system for wireless diagnosis and monitoring of cardiac arrhythmias.
Randy Thurman, president and CEO of CardioNet, said: “The acquisition of Biotel expands CardioNet’s existing cardiac arrhythmia monitoring business with an experienced design and development team, as well as providing manufacturing capabilities to support our rapidly growing business.”