CLARENCE, N.Y.--(BUSINESS WIRE)--Feb. 17, 2012--
Greatbatch, Inc., (NYSE:GB) today announced the acquisition of
NeuroNexus Technologies (“NeuroNexus”) for approximately $12 million in
cash, including the assumption of debt and future considerations.
NeuroNexus, headquartered in Ann Arbor, Michigan, is an active
implantable medical device design firm specializing in developing and
commercializing high-value neural interface technology, components and
systems for neuroscience and clinical markets. The company has an
extensive intellectual property portfolio, core technologies and
capabilities to support the development and manufacturing of innovative
neural interface devices across a wide range of functions including
neuromodulation, sensing, optical stimulation and targeted drug delivery
applications.
“We are very excited to have the NeuroNexus team join the QiG Group and
Greatbatch family of companies. Together, we believe that we can
research, design, develop and manufacture new world-class proprietary
products and systems that will expand and potentially re-define the
fields of cardiovascular and neuromodulation as we know them today,”
stated Thomas J. Hook, President and CEO of Greatbatch, Inc.
“Additionally, the strong alliance NeuroNexus has with the University of
Michigan and the Michigan Economic Development Corporation should
position us to expand our operations in the region.”
Daryl R. Kipke PhD., NeuroNexus President and CEO, stated, “We are
delighted to have this opportunity to strengthen and accelerate our
position as a world-class leader in neural interface devices. Our
innovative, high fidelity and high precision lead technologies combined
with QiG Group and Greatbatch capabilities will ensure the achievement
of our goals of advancing cardiovascular and neuromodulation clinical
therapies and providing innovative research products to leading
neuroscientists around the world to fuel progress in neuroscience.
Additionally, we are excited that this opportunity allows us to continue
and expand our presence in the high-technology hub of Ann Arbor and the
broader Michigan region.”
NeuroNexus, founded in 2004, employs approximately 25 associates in its
Ann Arbor facility. The highly talented team, many of whom possess
advanced doctorate degrees in engineering and neuroscience, have diverse
capabilities in medical device development. “The world class team
further strengthens our QiG Group’s research, development and
engineering talent and expands our footprint in key strategic
locations,” Hook concluded.
It is anticipated that the acquisition will be non-dilutive to adjusted
operating earnings in 2012.
About Greatbatch, Inc.
Greatbatch, Inc. (NYSE: GB) provides top-quality technologies to
industries that depend on reliable, long-lasting performance through its
brands Greatbatch Medical, Electrochem and QiG Group. Greatbatch Medical
develops and manufactures critical medical device technologies for the
cardiac, neurology, vascular and orthopaedic markets. Electrochem
designs and manufactures battery and wireless sensing technologies for
high-end niche applications in the energy, military, portable medical,
and other markets. The QiG Group empowers the design and development of
new medical devices for our core markets. Additional information about
the Company is available at www.greatbatch.com.
Source: Greatbatch, Inc.
Greatbatch, Inc.
Marco F. Benedetti, 716-759-5856
Corporate
Controller & Treasurer
mbenedetti@greatbatch.com