Halma, the global group of technology companies, acquired Baltimore-based IZI Medical Products, a designer, manufacturer and distributor of medical devices used across a range of diagnostic and therapeutic procedures, for $142.5 million.
An additional consideration of up to $14.5 million is payable in cash, based on IZI’s growth in the year to March 31, 2023.
IZI’s three primary markets are products for image guided surgery, interventional oncology and interventional neuro and spine procedures. With more than 100 active patents, the portfolio of 44 devices can be found in 2,500 hospitals across the United States and has been distributed to physicians in 35 countries.
IZI’s technologies add new capabilities within Halma’s Health care sector’s Therapeutic Solutions Group, alongside Medicel, MST and NovaBone. The IZI innovation includes:
IZI’s unaudited revenue for the 12 months to March 31 was US $32.9 million, with return on sales substantially above Halma’s target range of 18% to 22%. IZI will be a standalone company within Halma’s Health care sector, led by its current management team.
With the signing of this transaction, Halma has completed 16 health care acquisitions in the past five years, totaling about $419.5 million.