Given Imaging has signed a definitive agreement to acquire privately-held Sierra Scientific Instruments for $35 million in cash. Sierra is a provider of diagnostic devices for the gastrointestinal (GI) tract and will become a wholly-owned subsidiary of Given.
Given Imaging is acquiring Sierra Scientific from Water Street Healthcare Partners, a private equity firm focused exclusively on healthcare.
The Yoqneam, Israel-based Given said it expects that the deal will close and become effective on or about April 1. Sierra recorded unaudited revenues of approximately $18 million in 2009.
Given plans to couple Sierra’s products with its existing Bravo pH monitoring system for an expanded esophageal diagnostics portfolio, including manometry as well as pH and impedance monitoring.