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Indian Firm Buys Cardiac Science for $54 Million

Posted by Wayne Roberts on 10/20/2010 to AED News
Cardiac Science, a Bothell-based manufacturer of AEDs or external automated defibrillators and other medical devices, has just been sold to Bangalore, India-based Opto Circuits. The Dow Jones put the price of the established deal at $54 million, or $2.30 per share. The finalized deal marks a 10% premium over the closing price from the day before.

"We are delighted to expand our presence in noninvasive diagnostic monitoring through this acquisition and are excited to enter the high-growth automated external defibrillation market," said Opto Circuits Chairman and Managing Director Vinod Ramnani.

"Cardiac Science has a strong reputation for innovative, high-quality products and services. This transaction is expected to open many new global markets for Cardiac Science's products and will greatly enhance Opto Circuits' product offerings and presence in the United States," continued Ramnani.

Cardiac Science was founded in 1991 and entered the AED market with their Powerheart AED model. In 2005, Quinton Cardiology Systems merged with Cardiac Science and began trading on the NASDAQ. In that year, Cardiac Science and Quinton Cardiology Systems topped $100 million in sales alone.

Stay tuned with us at AEDs Today to see what this recent acquisition might mean for owners of Cardiac Science Powerheart AEDs.
 
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