BioSpace.com

Biotech and Pharmaceutical
News & Jobs
Search the Site
 
   
Biotechnology and Pharmaceutical Channel Medical Device and Diagnostics Channel Clinical Research Channel BioSpace Collaborative    Job Seekers:  Register | Login          Employers:  Register | Login  

NEWSLETTERS
Free Newsletters
Archive
My Subscriptions

NEWS
News by Subject
News by Disease
News by Date
PLoS
Search News
Post Your News
JoVE

CAREER NETWORK
Job Seeker Login
Most Recent Jobs
Browse Biotech Jobs
Search Jobs
Post Resume
Career Fairs
Career Resources
For Employers

HOTBEDS
Regional News
US & Canada
  Biotech Bay
  Biotech Beach
  Genetown
  Pharm Country
  BioCapital
  BioMidwest
  Bio NC
  BioForest
  Southern Pharm
  BioCanada East
  US Device
Europe
Asia

DIVERSITY

INVESTOR
Market Summary
News
IPOs

PROFILES
Company Profiles

START UPS
Companies
Events

INTELLIGENCE
Research Store

INDUSTRY EVENTS
Biotech Events
Post an Event
RESOURCES
Real Estate
Business Opportunities

 News | News By Subject | News by Disease News By Date | Search News
eNewsletter Signup
Miles
Km80.5

   

Hycor Biomedical Divests Urinalysis Business to Increase Focus on Allergy and Autoimmune Markets


2/19/2013 12:42:28 PM

GARDEN GROVE, Calif., Feb. 19, 2013 /PRNewswire/ -- HYCOR Biomedical, Inc. ("HYCOR"), a leading manufacturer and marketer of in vitro diagnostic products for the global allergy and autoimmune markets, today announced that it has sold its urinalysis business to an affiliate of One Rock Capital Partners, Laurel Crown Partners, and StoneCreek Capital. The sale includes the KOVA® system of urinalysis products. HYCOR is a portfolio company of Linden Capital Partners ("Linden").

"The divestiture of the urinalysis business represents an important step in our growth strategy for HYCOR and allows us to focus exclusively on the growing, global allergy and autoimmune sectors of in vitro diagnostics," said Richard Novak, Chairman of HYCOR's Board of Directors, and Operating Partner at Linden.

The urinalysis business will be named Kova International, Inc. and will continue to operate out of its Garden Grove, California manufacturing facility under the leadership of Vance Mitchell, who has more than 25 years of experience with the Kova urinalysis business.

"With this action we are better positioned to grow our pipeline of allergy and autoimmune diagnostic products to serve the needs of our customers, whether they are leading clinical laboratories or integrated health networks," said Dick Aderman, President and CEO of HYCOR. "Healthcare providers are increasingly looking to innovations in in vitro diagnostics to provide accurate diagnosis of these prevalent and costly conditions."

Allergies represent the fifth leading chronic disease in the United States, with an estimated 60 million Americans suffering from one or more allergy types. Moreover, it is estimated that 30-40% of the world population is now affected by one or more allergic conditions. The symptoms of allergy can appear in the nose, ears, lungs, skin, digestive system or other parts of the body. Early diagnosis and treatment of allergy have been shown to modify the course of the disease and help prevent subsequent development of other more serious conditions. An autoimmune disorder is a condition that occurs when the immune system mistakenly attacks and destroys healthy body tissue. There are more than 80 different types of autoimmune disorders and diagnosis is a complex process. Focusing on the allergy and autoimmune markets provides important synergies as the diagnostics for these disease categories share commonalities such as platform, assay development and manufacturing, and also target the same end user and areas of the laboratory.

The transaction includes the transfer of urinalysis assets and employees. Financial terms of the transaction were not disclosed. Houlihan Lokey served as exclusive financial advisor to HYCOR and Kirkland & Ellis LLP provided legal advice to HYCOR for the transaction.

About HYCOR Biomedical, Inc.
Founded in 1981, HYCOR is a global manufacturer and marketer of in vitro diagnostics products. Since its founding, HYCOR has expanded its presence in allergy and autoimmune products used in clinical laboratories, hospitals and doctors' offices worldwide. Among its products, HYCOR markets the HYTEC and AUTOSTAT brands. The company is focused on delivering products that provide the highest value to clinicians through innovation, reliability and customer service. For more information, please visit www.hycorbiomedical.com.

About Linden Capital Partners
Linden Capital Partners is a Chicago-based private equity firm focused exclusively on leveraged buyouts in the healthcare and life science industries. Linden's strategy is based upon three elements: i) healthcare and life science industry specialization, ii) integrated private equity and operating expertise, and iii) strategic relationships with large corporations. Linden currently has investments in middle market platforms in the products, distribution, and services segments of healthcare. Visit Linden Capital Partners at www.lindenllc.com.

SOURCE HYCOR Biomedical, Inc.



Read at BioSpace.com

   

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES