Advanced Instruments has announced a definitive agreement to acquire fellow biotechnology company Nova Biomedical.
Following the closing of the transaction, Advanced Instruments (a subsidiary of Patricia Industries) and Nova Biomedical will merge, creating a global life science tools platform that will operate under the Nova Biomedical name, with a diversified portfolio of analytical instruments, reagents and services. Byron Selman, President & CEO of Advanced Instruments, will lead the combined business, while Nova Biomedical founding shareholders Frank Manganaro, CEO and Dr Chung-Chang Young, EVP of R&D, will stay with the company in a consulting capacity. For the full year 2024, the combined business generated sales of $621million.
“Combining these two great companies aligns with our core strategy to develop and commercialise best-in-class technologies that deliver significant customer value across the biopharma and clinical markets,” commented Mr Selman. “The combination of our technologies, R&D strength, global sales network, dedicated teams and commitment to innovation will advance our collective ability to support customer workflows within various stages of drug development and bioprocessing and expand our footprint within the hospital and other healthcare settings, guiding patient care with our diversified product portfolio and supporting our growing customer base.”
“We are excited to unite with the Advanced Instruments team,” said Mr Manganaro. “Our companies share similar values and objectives including a vision for sustained innovation, a strong commitment to the end markets we respectively serve and above all a strong connection to improving patient care globally. Bringing together our strong teams, focus on innovation and dedication to the customer will strengthen our combined companies and support a bright future for Nova Biomedical.”
“Growing our platform companies within Patricia Industries is a key priority for us, and we are excited to accelerate Advanced Instruments’ growth journey with the acquisition of Nova Biomedical, whose talented team we welcome to the Patricia Industries family,” said Yuriy Prilutskiy, Co-Head of Patricia Industries, a part of Investor AB and owner of Advanced Instruments. “The combined business will be well-positioned to bring innovative technologies to customers across the clinical and bioprocessing markets, enable patients globally to receive better healthcare, and deliver long-term profitable growth – all of which align with our purpose of creating value for people and society by building strong and sustainable businesses.”
Closing is subject to regulatory approval and is expected during the third quarter of 2025.
Advanced Instruments is a global provider of scientific and analytical instruments for the biotechnology, clinical, and food and beverage industries. For more than 70 years, the company’s innovations have helped organisations improve quality of results, achieve reliable outcomes, and increase workplace productivity. Advanced Instruments has a diverse portfolio of products, including freezing point osmometers, technologies for cell line development, liquid handling verification instrumentation, cerebrospinal fluid cell counters, anaerobic jar systems, and testing standards and controls. Advanced Instruments is based in Norwood, Massachusetts.
Nova Biomedical is a global provider of analytical instruments and consumables for the biopharmaceutical and clinical markets. The company’s products are used in over 100 countries by leading biopharmaceutical companies and hospitals. Nova’s clinical products provide point-of-care analysis and monitoring of critical analytes including blood gases and glucose used to diagnose and monitor patients in hospital settings. Nova’s biopharmaceutical products provide mission-critical analytics for research laboratories and drug manufacturing facilities, accelerating and improving the drug development process and product quality. Nova is headquartered in Waltham, Massachusetts and has approximately 1,600 employees.