ResMed, a US-listed maker of devices to help people sleep, has acquired one of its portfolio companies, Ireland-based medical equipment company BiancaMed, for an enterprise value of reportedly less than $50m.
BiancaMed will become a part of ResMed’s Ventures and Initiatives unit set up in May.
Peter Farrell, ResMed’s executive chairman, said: "We have worked closely with BiancaMed for many years and have been investors since their inception in 2003."
JC Kyrillos, president of ResMed Ventures and Initiatives, added: "In May of this year, we created ResMed Ventures and Initiatives to focus on opportunities in chronic disease states related to sleep-disordered breathing and other market opportunities. BiancaMed represents the type of investment we are pursuing because it has current applications in our core sleep market, and several potential future applications in chronic diseases such as heart failure and chronic obstructive pulmonary disease."
In July 2009, ResMed, which makes breathing aids such as Miracle (pictured), had been part of BiancaMed’s €6m ($8.5m) series B round consortium that also included venture capital firms Seventure Partners and ePlanetVentures as well as state-backed Enterprise Ireland.
BiancaMed had originally spun out from University College Dublin’s €11m Innovation and Technology Transfer Centre.