Advanced Instruments, which happens to be a subsidiary of Patricia Industries and also a manufacturer of analytical instruments when it comes to biopharmaceutical and clinical markets, has gone on to announce the execution of a definite agreement so as to acquire Nova Biomedical, which is a manufacturer of analytical instruments as well as consumables that are indeed vital in terms of guiding the treatment for patients and also biotechnology therapeutics development.
After the closing of the transaction, Advanced Instruments as well as Nova Biomedical are going to merge, thereby creating a worldwide lifesciences platform that is going to function under the aegis of Nova Biomedical, having a portfolio that’s diversified and consists of reagents, services, and analytical instruments. The CEO & President of Advanced Instruments, Byron Selman, is going to be leading the combined business, whereas Frank Manganaro, who is the CEO, and Dr. Chung-Chang Young, the EVP of R&D of Nova Biomedical, are going to be staying with the company in the capacity of consultants. For the whole year of 2024, both the businesses generated sales of $621 million. In the last 10 years, the pro forma organic sales growth has averaged almost 8%.
According to Mr. Selman, combining the two great companies syncs with their core strategy to develop as well as commercialize the best-in-class tech that goes on to deliver a very high customer value throughout the biopharma as well as clinical markets. The mix of their technologies, their research and development strength, dedicated teams, worldwide sales network, and also inclination to innovation—all advance their collective capacity to support the customer workflows across various stages of drug development as well as bioprocessing and also broaden the footprint in hospitals and healthcare settings, therefore guiding the patient care with a product portfolio that’s diversified and hence in a way supports the growing consumer base.
Mr. Manganaro said that they are indeed very excited to unite with the team at Advanced Instruments. Both the companies happen to share the same views, values, and also objectives, which include the vision when it comes to sustained innovation, a robust commitment to the markets that they serve individually, and last but not least, strong connections so as to enhance the patient care across the world. Getting together strong teams, emphasizing innovation as well as dedication to customers—all will strengthen their combined companies and at the same time also help with a bright future for Nova Biomedical.
The co-head of Patricia Industries, Yuriy Prilutskiy, opines that growing their platform companies within Patricia Industries is a priority for them, and they are very much excited to speed up the growth journey of Advanced Instruments due to the acquisition of Nova Biomedical, whose talented bunch of team members are welcome to the Patricia Industries family. The combined businesses are going to be very well-positioned so as to bring innovative tech to customers throughout the clinical and bioprocessing markets and hence enable patients across the globe to get better healthcare as well as deliver a profitable growth that’s long-term – all of which sync with the purpose of creating value for people and also the society by way of building robust and sustainable businesses. The closing of all this is subject to regulatory approval, and it is most likely expected to be in the third quarter of 2025.
