Global medical products company Baxter International has entered into a definitive agreement this week to acquire Cheetah Medical, a US-Israeli provider of non-invasive hemodynamic patient monitoring technologies, the firm announced. The deal is to acquire the company for $190 million in cash, plus an additional $40 million for payments based on clinical and commercial milestones.
The agreement, expected to close later this year, “demonstrates Baxter’s ongoing commitment to improving clinical outcomes with an established patient monitoring technology to better inform and guide clinicians’ treatment decision,” according to a company statement.
Founded in 2000, Cheetah Medical develops and provides non-invasive fluid management monitoring systems for use in critical care, operating rooms, and emergency rooms. These devices are in use in 400 hospitals throughout the US and 30 countries worldwide, according to the company. Cheeta Medical has offices in Boston and Tel Aviv.
Baxter said that the addition of Cheetah Medical will help to accelerate its presence in the specialized patient monitoring space with tech used to guide fluid management.
“The robust capabilities and innovative monitoring technologies we will gain with the acquisition of Cheetah Medical will be additional strategic growth drivers as we work to eliminate preventable harm and enable personalized therapy for hospitalized patients around the world,” said David Ferguson, Baxter general manager of medical delivery. “We are enthusiastic about the opportunity to bring these products to more patients and clinicians and look forward to building upon Cheetah Medical’s expertise and technology to enhance our leadership in medication delivery and critical care.”
Chris Hutchison, president and CEO of Cheetah Medical said, “We strongly believe in the power of our technology to help clinicians make more confident and informed treatment decisions in ways that can help improve patient outcomes and enhance healthcare efficiencies. Becoming part of Baxter will enable us to continue to invest in clinical and commercial initiatives on a global basis, which will help ensure that the right therapy gets to the right patients at the right time.”