Devicor Completes Acquisition of Neoprobe Products and Related Assets
Devicor™ Medical Products, Inc., a portfolio company of Chicago, Illinois-based private equity firm GCTR, last week announced the execution of its previously revealed agreement to acquire the neoprobe® gamma detection system (GDS) products and related assets from Neoprobe Corporation. Devicor had previously provided distribution and marketing services to Neoprobe for the GDS portfolio. 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 August 15. 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 aid in the detection and diagnosis of breast cancer. GTCR invested additional equity capital in Devicor to finance a portion of the purchase price of the neoprobe® GDS assets. To read the press release, click here: