March 4, 2013 “Intelligence: Late-Breaking Lab News”

Even if not billion-dollar transactions, there are some interesting deals unfolding in the in vitro diagnostics (IVD) marketplace. Last month, HYCOR Biomedical, Inc., of Garden Grove, California, sold its Kova urinalysis system and business “to an affiliate of One Rock Capital Partners, Laurel Crown Partners, and StoneCreek Capital,” according to a Hycor press release. As a side note, Hycor’s Chairman is Rick Novak. He has held executive positions at Laboratory Corporation of America and SmithKline Beecham Clinical Laboratories.

ADD TO: IVD Mergers

It was in January when StatLab Medical Products, of McKinney, Texas, acquired Mossberg Labs of Kalamazoo, Michigan. StatLabs is a manufacturer and distributor of histology and cytology consumable supplies. Mossberg develops and manufactures histology, cytology and hematology stains and related reagents.

LAB ACQUISITIONS IN INDIA CONTINUE

It is estimated that thousands of small medical laboratory companies operate in India today. This makes it a prime market for the nation’s larger lab companies to grow by acquisition. Recently, Dr. Lal PathLabs announced that it had purchased five independent medical lab companies in the western and southern regions of India. Two investors in Dr. Lal Pathlabs are Sequoia Capital of Menlo Park, California, and TA Associates of Boston, Massachusetts.

MORE ON: India Labs

Recently other U.S. firms invested in an Indian lab company. The International Finance Corporation, a World Bank investment arm, and NYLIM Jacob Ballas India Fund provided R370 million (US$ 6.7 million) to Super Religiare Laboratories, of New Delhi, India.

TRANSITIONS

    • Judd Jessup will retire this month as CEO of CombiMatrix Corporation, based in Irvine, California. He was formerly CEO of USLabs at the time it was sold to Laboratory Corporation of America in 2005.
    • Mark McDonough will become the new CEO of CombiMatrix Corporation. He is currently the firm’s Chief Commerical Officer. His prior experience includes positions with Pathwork Diagnostics, LabCorp, and US Labs.

Dark Daily Update

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…the prediction of Aetna, Inc.’s CEO, Mark Bertolini, that health insurance premium rates could climb by 25% to 50% in 2014. He described it as “premium rate shock,” and attributed the cause to a variety of a factors.

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