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Oslo, 21 October 2022 - Observe Medical ASA (“Observe Medical” or “the Company”
and together with its subsidiary “the Group”) has entered into an exclusive
agreement with the intention to acquire the rights to own, produce and sell an
extensive portfolio of urine measurement products from Convatec Group Plc, a
global medical products and technologies company.
The Convatec product range comprises industry-recognised products and brands
such as UnoMeterT SafetiT Plus, UnoMeterT 500, and UnoMeterT Abdo-PressureT.
These products are used for routine or post-operative drainage, collection, and
measurement of urine output from critically ill patients in hospitals and
intensive care units (ICUs). The product range is complementary to Observe
Medical’s digital and automated urine meter, Sippi®. Production equipment is
included in the agreement.
The products Observe Medical intends to acquire are market leading in Europe and
in several other countries and have generated annual revenues of around EUR 18
million and will contribute significantly to the Group’s gross profit. Yearly,
more than five million of these urine bags and accessories are sold and shipped
to several hundred customers and distributors in more than 50 countries
worldwide.
The agreed purchase price for the product portfolio is USD 4,250,000. The
financing of the contemplated acquisition will be considered and determined
based on the outcome of the negotiations of the final acquisition agreement.
“The potential acquisition of Convatec’s urine measurement products represents
another transformative agreement for Observe Medical and is in line with our
growth strategy and long-term ambition. Alongside the potential acquisition of
these leading brand names, we would also gain access to an extensive
distribution network. This opens up sales channels in more than 50 countries for
the urine measurement product portfolio, including Sippi®,” said Rune Nystad,
CEO of Observe Medical.
The dialogue between Observe Medical and Convatec started earlier this year.
Observe Medical is also in discussions with several potential European
manufacturers to secure sufficient production capacity and to strengthen the go
-to-market strategy for the urine measurement product portfolio.
The potential acquisition of the product portfolio from Convatec is still
subject to agreement between the parties on a final acquisition agreement and
completion of such agreement, and no assurance can thus be given at this stage
that the acquisition will be completed.
For further information, please contact:
Rune Nystad, CEO Observe Medical
Mobile: +47 916 24 683
E-mail: rune.nystad@observemedical.com
Per Arne Nygård, CFO of Observe Medical
Mobile: +47 411 04 345
E-mail: perarne.nygard@observemedical.com
About Observe Medical
Observe Medical is a Nordic medtech company that develops, markets and sells
innovative medtech products for the global market. The Company is committed to
improving patient welfare and patient outcomes, improving clinical data accuracy
and promoting positive health economics.
The Company seeks to drive growth by leveraging its expertise in sales and
commercialization of its broad portfolio of medical technology products, mainly
in urine measurement, anesthesiology/ICUs, surgery and wound care, in
combination with targeted M&A.
The Company is headquartered in Oslo, Norway, with additional offices in Narvik,
Norway and Gothenburg, Sweden, and subsidiaries in Finland and the US. In
addition, Observe Medical has a direct sale organization in the Nordics and a
distributor network internationally.
Further information is available at www.observemedical.com.
[The information is such that Observe Medical ASA is required to disclose in
accordance with the EU Market Abuse Regulation. The information was submitted
for publication, through the agency of the contact person set out above, at
14:40 CET, 21.10.2022.
Kilde
