Patricia Industries' subsidiary Advanced Instruments, a manufacturer of analytical instruments for the biopharmaceutical and clinical markets, announced the execution of a definitive agreement to acquire Nova Biomedical, a manufacturer of innovative analytical instruments and consumables that are vital in guiding the treatment of patients and the development of biotechnology therapeutics.

Following the closing of the transaction, Advanced Instruments and Nova Biomedical will merge, creating a global life science tools platform that will operate under the Nova Biomedical name, with a diversified portfolio of analytical instruments, reagents and services. Byron Selman, President & CEO of Advanced Instruments, will lead the combined business, while Nova Biomedical founding shareholders Frank Manganaro, CEO and Dr. Chung-Chang Young, EVP of R&D, will stay with the company in a consulting capacity.  For the full year 2024, the combined business generated sales of $621M. Over the past 10 years, pro forma organic sales growth has averaged approximately 8 percent.

"Combining these two great companies aligns with our core strategy to develop and commercialize best-in-class technologies that deliver significant customer value across the biopharma and clinical markets," commented Mr. Selman. "The combination of our technologies, R&D strength, global sales network, dedicated teams and commitment to innovation will advance our collective ability to support customer workflows within various stages of drug development and bioprocessing and expand our footprint within the hospital and other healthcare settings, guiding patient care with our diversified product portfolio and supporting our growing customer base."  

"We are excited to unite with the Advanced Instruments team," said Mr. Manganaro. "Our companies share similar values and objectives including a vision for sustained innovation, a strong commitment to the end markets we respectively serve and above all a strong connection to improving patient care globally. Bringing together our strong teams, focus on innovation and dedication to the customer will strengthen our combined companies and support a bright future for Nova Biomedical."

"Growing our platform companies within Patricia Industries is a key priority for us, and we are excited to accelerate Advanced Instruments' growth journey with the acquisition of Nova Biomedical, whose talented team we welcome to the Patricia Industries family," said Yuriy Prilutskiy, Co-Head of Patricia Industries, a part of Investor AB and owner of Advanced Instruments. "The combined business will be well-positioned to bring innovative technologies to customers across the clinical and bioprocessing markets, enable patients globally to receive better healthcare, and deliver long-term profitable growth – all of which align with our purpose of creating value for people and society by building strong and sustainable businesses."

Closing is subject to regulatory approval and is expected during the third quarter of 2025.

Advanced Instruments was represented by UBS Investment Bank (financial advisor), Simpson Thacher & Bartlett LLP (legal advisor) and Cooley LLP (legal advisor).