WALTHAM, Mass.--(BUSINESS WIRE)--Paragonix Technologies, a leading organ transplant company, announced today that it has entered into a definitive agreement to be acquired by Getinge. This strategic acquisition will enhance Getinge's global healthcare portfolio to also address needs in solid organ transplantation. Getinge's global reach will expand access of Paragonix's innovative organ transplant technologies to new markets while also creating opportunities for combining the organ containment and blood perfusion technologies of the two companies for new innovations. Paragonix and Getinge share a vision to deliver market-leading solutions across the entire spectrum of transplant care.
Paragonix has led the way in developing a platform of groundbreaking organ preservation technologies, driving a shift within the clinical transplant community and redefining the standard of care in organ transplantation. Today, Paragonix is the leading US cardiothoracic organ preservation technology provider and is rapidly expanding in abdominal transplantation. Paragonix has developed a robust portfolio to meet the needs of the transplant community including leading clinical research initiatives, smart digital logistics platforms, and national clinical services networks. By integrating this leadership in transplantation with Getinge's extensive resources and global distribution network, the acquisition will accelerate the availability of this transformative medical technology. Today's agreement will also foster the creation of new technologies addressing critical global healthcare needs.
"Since our inception, Paragonix's primary focus has been on improving patient outcomes and increasing the number of successful transplants. We have dedicated ourselves to providing clinicians and their patients with best-in-class solutions while also developing comprehensive clinical data for all solid organs. Our success is a testament to our team's passion, commitment, and relentless pursuit of excellence. We are excited to join Getinge to bring our innovations, technologies, and services to underserved patient populations worldwide," said Dr. Lisa Anderson, Founder, President & CEO of Paragonix. "Each day, we are inspired to deliver novel, life-changing innovations to the transplant and donation communities. We express our deepest gratitude to the clinical and donation community for the opportunity to serve."
"Paragonix, as a developer, manufacturer, and service provider in the organ transplant industry has established itself as a pioneer in organ transplantation, providing a novel approach to organ preservation, transport and procurement," said Elin Frostehav, President Acute Care Therapies at Getinge. "Teaming up with Paragonix's talented team and proven technology is not just a strategic fit for Getinge, it is a catalyst to redefine the market standard in transplantation. By leveraging our expertise in the acute heart and lung support segment and providing access to our existing global sales network, we hope to expand the reach of this technology."
The Boards of Directors of both Paragonix and Getinge have approved the transaction, pending the satisfaction of customary closing conditions. Upon closing, Paragonix will become a wholly owned subsidiary of Getinge.
Sheppard, Mullin, Richter & Hampton LLP is serving as legal advisor, Knobbe Martens Olson & Bear LLP is serving as Intellectual Property counsel, and UBS Investment Bank Securities is serving as exclusive financial advisor to Paragonix. In March 2023, Paragonix partnered with Signet Healthcare Partners, a leading healthcare growth equity firm, to support the company's growth and strategic objectives.
About Paragonix Technologies
Paragonix Technologies is a leading developer, manufacturer, and service provider in the organ transplant industry, establishing a novel approach to organ preservation. Paragonix Technologies provides Advanced Organ Preservation ("AOP") devices that safeguard donor organs during the journey between donor and recipient patients. Our FDA-cleared and CE-marked devices incorporate clinically proven and medically trusted cold preservation techniques that allow unprecedented physical and thermal protection to the organ during transit. All Paragonix AOP devices are natively integrated with our novel digital app, delivering real-time organ tracking data and monitoring logistics for transplant teams seeking a secure and centralized solution. For more information, visit www.paragonix.com.
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About Getinge
With a firm belief that every person and community should have access to the best possible care, Getinge provides hospitals and life science institutions with products and solutions aiming to improve clinical results and optimize workflows. The offering includes products and solutions for intensive care, cardiovascular procedures, operating rooms, sterile processing and life science. Getinge employs approximately 12,000 people worldwide and the products are sold in more than 135 countries. For more information, visit www.getinge.com.
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Contacts
Paragonix Media:
Adam Lafreniere, Vice President, Marketing
marketing@paragonixtechnologies.com
