Cardinal Health announced that it has completed the acquisition of Medtronic’s Patient Care, Deep Vein Thrombosis and Nutritional Insufficiency business for $6.1 billion. The acquisition was funded with a combination of $4.5 billion in new senior unsecured notes, existing cash and borrowings under our existing credit arrangements. “This business provides our customers with more product offerings and includes some well-established brands that fit naturally within our portfolio and are complementary to our current medical products business. We know these products and many of the employees well, and have seen that our team members share a common commitment to quality, customer service and the patients who we all ultimately serve,” said George Barrett, chairman and CEO of Cardinal Health. “We are extremely excited about welcoming our new colleagues from around the world to Cardinal Health.” The Patient Care, Deep Vein Thrombosis and Nutritional Insufficiency business encompasses 23 product categories across multiple market sites of care, including numerous industry-leading brands, such as Curity, Kendall, Dover, Argyle and Kangaroo – brands used in nearly every U.S. hospital. The company also previously announced that it expects the acquisition to be accretive to non-GAAP¹ diluted earnings per share from continuing operations by more than $0.21 per share in fiscal 2018, net of incremental annual financing-related interest expense, and includes up to $100 million of inventory step-up costs during the first few quarters following closing. As previously disclosed, the company still expects the acquisition to be accretive to non-GAAP diluted earnings per share by more than $0.55 per share in fiscal 2019, and increasingly accretive thereafter. By the end of fiscal 2020, the company assumes synergies will exceed $150 million. The Patient Care, Deep Vein Thrombosis and Nutritional Insufficiency business will become part of Cardinal Health’s Medical segment, which is led by Don Casey, the segment’s chief executive officer. Integration efforts are off to a successful start and it is expected that all integration work and transitions will be completed over the next 18 months. Goldman, Sachs & Co. and Perella Weinberg Partners LP served as Cardinal Health’s financial advisors on this transaction, and Skadden, Arps, Slate, Meagher & Flom LLP and Jones Day served as its legal advisors.

TTP plc announces that they have established a non-exclusive partnership to offer services to molecular diagnostic technology developers. The new offering will include comprehensive product development services that span instrumentation, consumables and reagents.

The partnership is focused on supporting customers in the molecular diagnostic and wider life science space to rapidly transition ideas into commercially successful products. The services will couple NEB’s catalog of reagents and expertise in enzyme development and manufacturing with TTP’s Desktop Biology™ product development and physical engineering know-how, to provide capabilities that allow the delivery of more complete solutions, spanning from consumables and instrumentation through to reagents.

Dr. Giles Sanders, Consultant at TTP, explained: “With over 40 years of molecular biology expertise and the industry’s largest selection of recombinant and native enzymes for genomic research, NEB is the ideal partner for our molecular diagnostics services. NEB reagents are mainstays of the modern molecular biology laboratory and are already essential components of many of today’s diagnostic platform technologies. At TTP, we understand the fundamental steps required to convert lab-based biological processes to a functional low-cost disposable and instrument, and together we now able to fast track more complete product development solutions.”

Dr. Breton Hornblower, Product Marketing Manager at NEB, said: “We were impressed by TTP’s Desktop Biology offering and saw an opportunity to craft a more seamless experience for companies looking to accelerate development of their chemistry and assays toward commercialization of a product in the diagnostics field. NEB was already committed to developing novel enzyme specificities for incorporation into new clinical and molecular testing platforms.  Our customers will now be able to access these reagents as part of these services, along with those of TTP.”

NEB holds ISO13485 and ISO9001 Quality Management Systems certifications and is actively increasing capacity to manufacture enzymes and other reagents according to good manufacturing practices (GMP) for us in the human therapeutic and molecular diagnostic markets.

TTP will be exhibiting at the 69th AACC Annual Scientific Meeting & Clinical Lab Expo, booth #1658 in California, July 30th-August 3rd 2017. Come and meet representatives from TTP and NEB to find out how our services can help you.