Getinge Dives Deeper into Organ Preservation Tech Market with Acquisition

One of the companies identified in the ‘Top 100 Medical Device Companies’ list is making a substantial acquisition. Gothenburg, Sweden-based Getinge, which ranks 47 on the list, said it is in agreement to acquire Paragonix Technologies for about $477 million.

Cambridge, MA-based Paragonix develops organ preservation technology. Paragonix has developed three FDA-cleared and CE-marked devices: the Paragonix SherpaPak, the LUNGguard donor lung preservation system, and the LIVERguard system.

“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 of 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.”

The acquisition would enhance Getinge’s global healthcare portfolio and address the needs of 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 two companies' organ containment and blood perfusion technologies, both firms said in a release.

Related:Getinge Hit with Another Blow

Paragonix has performed solidly and piqued investors’ interest last year. The company raised $24 million in a series B round, which was led by Signet Healthcare Partners.

It hasn’t been all smooth sailing for Getinge. The company has faced scrutiny concerning its cardiovascular devices. The company even suffered from CE mark suspension of its intra-aortic balloon pumps.