Werfen and Instrumentation Lab to buy PE-backed Accriva Diagnostics


Barcelona, Spain-based Werfen, a medical diagnostics firm and its Bedford, Massachusetts-based subsidiary Instrumentation Laboratory have agreed to acquire Accriva Diagnostics, a portfolio company of Warburg Pincus. No financial terms were disclosed. J.P. Morgan Securities LLC provided financial advice Accriva on the transaction.

PRESS RELEASE

SAN DIEGO, Jan. 20, 2017 /PRNewswire/ — Accriva Diagnostics, a Warburg Pincus portfolio company, announced today the definitive agreement with Werfen, a privately held medical diagnostics firm headquartered in Barcelona, Spain, and its subsidiary Instrumentation Laboratory (IL) headquartered in Bedford, MA, whereby Werfen and IL have acquired all shares of Accriva. The transaction was successfully closed on January 19, 2017.

The Accriva portfolio, including globally recognized point-of-care (POC) diagnostic products for coagulation and anti-platelet therapy response, will allow IL to establish a market-leading position in hospital-based POC Hemostasis testing, expand its position in POC Critical Care testing and complement its leadership in the Hemostasis Laboratory segment.

“We are proud of the value we have created,” said Scott Cramer, President and CEO of Accriva Diagnostics. “With our third consecutive year of record sales, significant operational efficiencies and new product pipeline, we foresee significant growth ahead. Now, the tremendous resources, expertise and global reach of Werfen and IL will accelerate this trajectory even further.”

Accriva Diagnostics will become part of IL, a Werfen company, and continue operating out of its existing San Diego, CA facility, which currently employs approximately 460 employees.

“The acquisition of Accriva strengthens our leadership in Hemostasis, Critical Care and Patient Blood Management testing,” said Ramon Benet, CEO at IL. “We see great synergy between our organizations and look forward to further impacting positive clinical outcomes and reducing healthcare costs in point-of-care testing with the breadth of this comprehensive portfolio.”

J.P. Morgan Securities LLC served as financial advisor and Cooley LLP served as legal advisors to Accriva.

About Accriva Diagnostics
Accriva (www.accriva.com) is a leading diagnostic company focused on creating best in class products that provide more timely, precise information, leading to improved treatment outcomes. With over 40 years as a leader in the fields of hemostasis management and point-of-care testing, globally recognized Accriva product brands include: Hemochron® POC coagulation systems; VerifyNow® anti-platelet therapy response systems; AVOXimeter® CO-Oximetry systems; and Tenderfoot®, Tenderlett® and Surgicutt® incision products. With commercial and manufacturing operations headquartered in San Diego, CA, Accriva diagnostic products are distributed to hospitals and critical care settings in over 90 countries.

About Werfen and Instrumentation Laboratory
Founded in 1966 and based in Barcelona, Spain, Werfen (www.werfen.com), is a leading developer, manufacturer and distributer of IVD testing solutions, providing high quality systems, reagents and software to hospitals and clinical laboratories around the world. Part of WerfenLife, a private company with a rich history of innovation across five decades, Werfen has a strong commitment to the future and strives to enhance care and improve the lives of patients. Werfen subsidiary companies include: Instrumentation Laboratory focused on Hemostasis and Critical Care; Inova Diagnostics a worldwide leader in Autoimmunity; Biokit offering a portfolio of diagnostic reagents and clinical systems for Infectious Disease and other areas; and Systelab specializing in laboratory and hospital software solutions. Werfen has direct commercial operations in most major countries.

Instrumentation Laboratory (www.instrumentationlaboratory.com), founded in 1959, is a worldwide developer, manufacturer and distributor of in vitro diagnostic instruments, related reagents and data management solutions for use primarily in hospitals and independent clinical laboratories. The Company’s product lines include Critical Care, Hemostasis and Patient Blood Management analyzers, reagents and information management systems. The IL Hemostasis portfolio includes new ACL TOP® Family 50 Series Hemostasis Testing Systems and the original ACL TOP Family of Hemostasis Testing Systems, fully automated, high-productivity analyzers. IL recently introduced new HemoCell™ Specialized Lab Automation and new HemoHub™ Intelligent Data Manager. IL also offers the ACL AcuStar®, ACL Elite®, and other Hemostasis analyzers, along with the comprehensive HemosIL® line of reagents. In the IL Critical Care portfolio, GEM® product offerings include GEM Premier™ 5000, 4000 and 3500 analyzers with Intelligent Quality Management (iQM) and GEMweb® Plus Custom Connectivity. The IL Patient Blood Management portfolio includes ROTEM® delta, sigma and platelet systems, in addition to data management software. IL is based in Bedford, Massachusetts, USA.