Bangalore, April 2 (IANS) Medical technology group Opto Circuits has sold the diagnostic product line of its subsidiary Cardiac Science to the US-based Mortara Instrument for $21 million (Rs.113 crore/Rs.1.13 billion), the company announced Tuesday.
"Divestiture of the diagnostic cardiology product line will enable our subsidiary to focus on innovation and expansion of market share in the high-margin and high growth resuscitation business," US-based Cardiac Science chief executive Neal Long said in a statement here.
The transaction, however, does not include MySense, the novel, wearable, single-patient ECG (electrocardiogram) recorder system and the resuscitation business unit that markets automated external defibrillators worldwide.
"The addition of these businesses to our organisation represents a big opportunity to accelerate the introduction of our leading ECG technology to new markets," Mortara chief executive Justin Mortara said in the statement.
The Wisconsin-headquartered Mortara is a leader in non-invasive cardiology with a complete range of ECG products, including electrocardiographs, stress exercise systems, Holter systems, data warehousing solutions, and cardiology monitoring systems.
With operations in Australia, Britain, Germany, Italy and the Netherlands, the 30-year-old company manufactures and distributes its ECG devices and related technologies worldwide.
The Bangalore-based Opto specialises in primary, acute and critical care products for global markets and its subsidiaries Cardiac Science, Criticare, Eurocor, Mediaid, AMDL and Unetixs Vascular are leaders in vital signs monitors, emergency cardiac care equipment, vascular treatments and sensing technologies.
Opto's USFDA (United States' Food and Drug Administration) listed and CE (conformance) marked products are marketed in over 150 countries and sold through direct and indirect sales channels across many emerging and developing economies worldwide.
The CE marking is a mandatory conformity marking for products sold in the European Economic Area (EEA) since 1993.
Prior to this acquisition, Cardiac Science developed, manufactured, and marketed a family of advanced diagnostic and therapeutic cardiology devices and systems.
With customers in over 100 countries worldwide, the subsidiary has operations in North America, Europe, and Asia.