Healthcare Industry News: HSMN NewsFeed
News Release - October 27, 2023
Laborie Medical Technologies Acquires UrotronicUrotronic joins Laborie as part of a long-term growth strategy for the Portsmouth-based medical device company.
Urotronic's OptilumeŽ BPH Catheter System, a unique minimally invasive surgical therapy (MIST), is a paradigm shift for patients and clinicians in global interventional urology.
PORTSMOUTH, N.H., Oct. 27, 2023 -- (Healthcare Sales & Marketing Network) -- Leading diagnostic and therapeutic medical technology company, Laborie Medical Technologies Corp. (Laborie), announced that it has completed the acquisition of Urotronic, Inc. (Urotronic), a private medical device company that developed OptilumeŽ drug-coated balloon technology used in interventional urology to treat urethral strictures and benign prostatic hyperplasia (BPH) or enlarged prostate conditions.
Urotronic and its employees will be fully integrated into the Laborie business as part of the transaction. "We are delighted to welcome the Urotronic team to Laborie, and we look forward to working together in our mission to deliver innovative technologies in the Interventional Urology space that preserve and restore human dignity," said Michael Frazzette, President & CEO of Laborie Medical Technologies.
"Joining the Laborie team is an exciting new chapter for Urotronic," says Urotronic President & CEO David Perry. "Over the last several years, we have seen our partnership develop because we are united on a goal to improve the standard of care for patients and commercialize Optilume products on a global stage."
"Patricia Industries is excited to continue supporting Laborie's long-term growth with this acquisition, which aligns with our purpose of creating value for people and society by building strong and sustainable businesses," said Yuriy Prilutskiy, Head of North America at Patricia Industries, a part of Investor AB, and owner of Laborie Medical Technologies.
Optilume is a novel minimally invasive surgical therapy (MIST) that combines mechanical dilation with the delivery of paclitaxel to treat lower urinary tract symptoms (LUTS) secondary to urological stricture or BPH. Optilume products have been approved by the U.S. Food and Drug Administration (FDA) and received the CE mark.
For more information, visit Optilume.com/BPH
Piper Sandler acted as the exclusive financial advisor to Urotronic. Simpson Thacher & Bartlett LLP and Cooley LLP acted as legal advisors to Laborie.
About Laborie Medical Technologies
Headquartered in Portsmouth, New Hampshire, Laborie is a global medical technology company focused on Urology, Urogynecology, Gastroenterology, Obstetrics, Gynecology & Neonatal Health. We manufacture and deliver high-quality, high-impact diagnostic and therapeutic products that help clinicians and hospitals preserve and restore patient dignity. Clinicians and hospitals look to us as the market-leading experts in our business segments, and we support our products with a world-class clinical education & information program. Laborie is a portfolio company of Patricia Industries. For more information visit www.laborie.com.
About Urotronic Inc.
Urotronic, Inc., headquartered in Plymouth, Minnesota, is a medical device company currently conducting clinical trials to support global commercialization of their products. The OptilumeŽ drug-coated balloon technology provides a minimally invasive treatment option for men suffering from urinary tract conditions like urethral strictures and benign prostatic hyperplasia (BPH). The drug-coated balloon technology creates a paradigm change from the methods currently used by urologists to treat these conditions. For more information on Urotronic and our products, please visit www.urotronic.com.
About Patricia Industries
Patricia Industries is a long-term owner that invests in companies and works to develop each company to its full potential. Patricia Industries is a part of the industrial holding company Investor AB, whose main owner is the Wallenberg Foundations.
About Investor AB
Investor, founded by the Wallenberg family in 1916, is an engaged owner of high-quality, global companies, with a long-term investment perspective. Through board participation, industrial experience, global network and financial strength, Investor works continuously to support its companies to remain or become best-in-class.
Source: Laborie Medical Technologies
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