New Venture Partners has announced the acquisition of Alverix by BD. The business designs, develops and manufactures handheld diagnostic test instruments for companies to be paired with rapid medical diagnostic tests for point-of-care applications in the ER, doctor’s office, retail clinic and other near patient sites.
New Venture Partners LLC (”New Venture Partners”), a venture capital firm focused on investing in corporate technology spinouts, announced the acquisition of Alverix, Inc. (“Alverix”) by BD (Becton, Dickinson and Company) (NYSE: BDX). Alverix designs, develops and manufactures handheld diagnostic test instruments for companies to be paired with rapid medical diagnostic tests for point-of-care applications in the ER, doctor’s office, retail clinic and other near patient sites.
Alverix’s initial team and technology were spun out of Avago Technologies in October 2007 by New Venture Partners and its co-investor, Safeguard Scientifics. As an independent company, Alverix was able to build the management team, develop the strategic focus, and solidify a key partnership with BD to bring its technology to market. According to Pat Petruno, Director, Instrument Operations, Point-of-Care Diagnostics, BD, who served until the acquisition as COO of Alverix, “Independence from Avago Technologies allowed us to concentrate on our core strategic mission of bringing laboratory quality technology to the point-of-care.”
BD recognized the strong development and manufacturing capabilities of the Alverix team and partnered with them to co-develop the award-winning BD Veritor™ System. Ric Tarbox, Vice President and General Manager, Point-of-Care Diagnostics, BD, who served until the acquisition as President and CEO at Alverix, said, “With the acquisition by our strategic partner, BD, we have the ability to combine our respective strengths in instrument and assay development toward developing next-generation instrument platforms and expanding the impact we’re making on the point of care diagnostic market segment.”
About New Venture Partners LLC (http://www.nvpllc.com)
New Venture Partners LLC, the global venture capital firm dedicated to corporate technology spinouts, has over $700 million under management. New Venture Partners provides a bridge between technology corporations and traditional venture capital. Through its unique, hands-on approach, the firm offers a systematic process for commercializing innovations and provides an alternative path to market for corporate technologies. The New Venture Partners team has completed over 60 spinouts from the R&D labs and business units of global technology corporations including Lucent/Bell Labs, British Telecom, Philips Electronics, Agere, Boeing, Intel, Telstra, and others, and has become the benchmark for corporate spinout venturing.