Tuesday, 5 January 2010
Two of the Worlds Leading Providers of Technologies and Services to the Minimally Invasive Medical Device Industry Combine
Company to be Known as Creganna Tactx Medical
Extended Global Reach, Enhanced Technology Depth and a Presence in Key Medical Device Clusters Worldwide
GALWAY, IRELAND & CAMPBELL, CA, January 4th, 2010 -- Creganna, a leading supplier of technologies and services to medical device and lifesciences companies today announced that it has acquired Avalon Medical Services Pte Ltd. which trades as Tactx Medical Inc.
The company will be known as Creganna Tactx Medical and will be positioned as a world leader in the provision of technologies and services for minimally invasive delivery and access devices.
Commenting on todays announcement, Helen Ryan, CEO Creganna, said:
This move represents a key step in Cregannas vision to build a leading global medical technology company. Tactx Medical, with its strong market reputation, is a true fit for Creganna.
Our customers, medical device companies, are increasingly looking to strategic partners to fulfill more of their supply chain requirements. With our global locations, combined technologies and range of services Creganna Tactx Medical is strategically positioned to meet these evolving needs.
This move firmly positions Creganna Tactx Medical within the top ten global providers of technologies and services to minimally invasive medical device companies.
2/3 - Creganna acquires Tactx Medical
A Partnership that Makes Sense
Creganna Tactx Medical, with locations in California, Minnesota, Massachusetts, Singapore and Ireland will have a presence in many of the key medical device clusters globally enabling stronger partnerships with customers.
Combined, the two companies will offer a complete range of technologies and services for minimally invasive delivery and access devices, with a specialist competency in the design and manufacturing of high end therapeutic catheters.
The market for minimally invasive medical devices continues to grow. In parallel, the market for outsourced products and services is also evolving and forecast to grow.
Creganna Tactx Medical is positioned to benefit from these trends.
Creganna Tactx Medicals customers provide minimally invasive medical devices for clinical applications including interventional cardiology, neurology, peripheral vascular, cardiac rhythm management and endoscopy.
Creganna Tactx Medical will have more than 800 staff worldwide and a combined revenue of $110 million in 2009.
Barclays Bank Ireland, HSBC Corporate Banking Ireland and Bank of Ireland advised on the deal. Terms of the transaction were not disclosed.
For further information:
Niamh Lyons, on behalf of Creganna - +353 1 6633602
Robert Stanislaro, on behalf of Creganna - +1 (212) 850-5657
NOTES TO EDITOR:
About the Minimally Invasive Medical Device Market*
Minimally invasive (MI) therapies seek to diagnose and treat medical conditions with minimum surgical intervention an approach favored by physicians, patients and insurers. MI therapies are displacing traditional open surgical approaches and have enabled the development of a complete new range of medical devices. Advanced diagnostic & therapeutic catheters and catheter based delivery systems are the essential platform for enabling navigation and delivery of treatments within the body during these procedures.
Creganna is a leading supplier of products, technologies and services to medical device and lifescience companies worldwide. Creganna specialise in the design and manufacture of minimally & less invasive delivery and access devices for a range of therapies. The company has particular expertise in the design and manufacture of components, sub-assemblies and complete catheter and specialty needle devices. Cregannas customer portfolio includes the worlds leading medical device manufacturers.
Creganna employ 550 people worldwide at manufacturing facilities in Galway, Ireland and Marlborough, MA. Additional sales offices are located in Minneapolis, MN; San Diego, CA; and Finland. Creganna is an independently owned Irish company. www.creganna.com
About Tactx Medical Inc
Tactx Medical Inc is a full-service provider of technologies and services for medical device companies. The company specializes in delivery systems and high end catheters for minimally invasive therapies, with extensive capabilities in engineering and pilot manufacturing services.
Tactx Medical Inc is headquartered in Campbell, CA and has manufacturing facilities in Minneapolis, MN and Singapore. The company employs 270 people worldwide.