Boston Heart of Framingham acquired for $140M
Framingham biotech firm Boston Heart Diagnostics will be purchased by Eurofins Scientific of Luxembourg for $140 million, the company announced Monday.
Boston Heart, a portfolio company of Bain Capital Ventures, will become a wholly owned subsidiary of Eurofins within 60 days. The Framingham company, which has projected 2014 revenues of $95 million, specializes in a diagnostic platform that helps identify and reduce the risk of cardiovascular disease, diabetes and other chronic conditions. The acquisition will add to Eurofins’ clinical testing and genomic service offering, according to the company.
“Boston Heart will continue to provide our breakthrough testing and services to clinicians and patients under the Boston Heart name and in the same manner our customers have come to expect," CEO Susan Hertzberg said in a statement.
Boston Heart will hold onto its 350 employees, according to the companies. No site consolidations or restructuring costs are anticipated as a result of the deal, according to Boston Heart.
Boston Heart is currently complying with an investigation by the U.S. departments of Health and Human Services and Justice that is trying to determine whether diagnostic companies paid physicians to send in blood specimens to them for processing and handling, according to the company.
WBJ Web Partners
Most Recent
Most Recent
0 Comments