Devicor Medical Products, a private equity firm and a GTCR company, has completed its previously annouced acquisition of the neoprobe gamma detection system products and related assets from Neoprobe of Dublin, Ohio.
Financial terms of the agreement included $30 million cash at close plus up to an additional $20 million in royalties based on revenue milestones. The sale was approved by Neoprobe's shareholders on Aug. 15.
Cincinnati-based Devicor previously provided distribution and marketing services to Neoprobe for the GDS portfolio. The acquisition of the neoprobe GDS line comes approximately one year after Devicor's acquisition of Ethicon Endo-Surgery's (EES) breast care business, Mammotome, which sells products designed to help doctors detect and diagnose breast cancer.
The Mammotome product portfolio includes the Mammotome breast biopsy system as well as tissue markers for breast disease diagnostic sampling and management. Mammotome has distributed and marketed Neoprobe's line of gamma detection systems since 2000, as part of EES and then continuing as part of Devicor.