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Latest News
Biomet Buys Drugmaker
Biomet Inc. is diversifying its product base.
The Warsaw, Ind.-based orthopedic manufacturer has purchased Cytosol Laboratories Inc., a small, privately held firm that develops anticoagulants and other blood processing components. Biomet did not disclose the terms of the deal or its value.
Based in Braintree, Mass., Cytosol was founded in 1968 and initially made specialty blood processing products for Massachusetts General Hospital in Boston, according to its website. Three of the firm’s products have received New Drug Applicatiion approvals from the U.S. Food and Drug Administration (FDA): noClot-50, TriCitrasol and Rejuvesol. The latter drug, according to a statement issued by the company after it secured FDA approval, helps restore “fresh” cell characteristics to frozen red blood cells. Rejuvenated red blood cells carry more oxygen to organs and tissue, which helps facilitate the healing process.
Biomet executives released few details about the acquisition. A release about the deal said the company bought “substantially all of the assets” of Cytosol, but it did not specify the assets (if any) it did not purchase. It also did not disclose the number of Cytosol employees that would be retained; the release merely quotes Biomet Biologics President Stuart Kleopfer welcoming “the Cytosol team.”
Kleopfer said Cytosol’s technology will work well with Biomet’s platelet separation and platelet concentration systems. “This acquisition solidifies a critical supply component utilized by our GPS III Platelet Separation System and BioCue Platelet Concentration System for concentrating a mixture of blood and bone marrow,” he noted. “In addition, given the increased scrutiny of stored red blood cells and increasing attention being paid by clinicians to the benefits of granulocytapheresis, both of these products have excellent market potential. We are eager to explore additional indications for this product line.”
The Warsaw, Ind.-based orthopedic manufacturer has purchased Cytosol Laboratories Inc., a small, privately held firm that develops anticoagulants and other blood processing components. Biomet did not disclose the terms of the deal or its value.
Based in Braintree, Mass., Cytosol was founded in 1968 and initially made specialty blood processing products for Massachusetts General Hospital in Boston, according to its website. Three of the firm’s products have received New Drug Applicatiion approvals from the U.S. Food and Drug Administration (FDA): noClot-50, TriCitrasol and Rejuvesol. The latter drug, according to a statement issued by the company after it secured FDA approval, helps restore “fresh” cell characteristics to frozen red blood cells. Rejuvenated red blood cells carry more oxygen to organs and tissue, which helps facilitate the healing process.
Biomet executives released few details about the acquisition. A release about the deal said the company bought “substantially all of the assets” of Cytosol, but it did not specify the assets (if any) it did not purchase. It also did not disclose the number of Cytosol employees that would be retained; the release merely quotes Biomet Biologics President Stuart Kleopfer welcoming “the Cytosol team.”
Kleopfer said Cytosol’s technology will work well with Biomet’s platelet separation and platelet concentration systems. “This acquisition solidifies a critical supply component utilized by our GPS III Platelet Separation System and BioCue Platelet Concentration System for concentrating a mixture of blood and bone marrow,” he noted. “In addition, given the increased scrutiny of stored red blood cells and increasing attention being paid by clinicians to the benefits of granulocytapheresis, both of these products have excellent market potential. We are eager to explore additional indications for this product line.”
