Synergy Health has completed a $62.9m (€47.6m) takeover of Swiss sterilisation firm Leoni Studer Hard from Leoni Group in a bid to further its reach in Europe.
Both firms provide services for the sterilisation of medical equipment and packaging for the pharma biz.
But with Leoni Studer Hard reportedly the only firm in Switzerland to provide irradiation sterilisation through its gamma and X-ray facility in Daniken, UK-based Synergy now hopes to bag a bigger portion of the EU market.
Synergy’s CEO Richard Steeves said: "This acquisition further strengthens our position in Europe giving us access to the well-developed, high value added medical device sterilisation and pharmaceutical market in Switzerland.
"Furthermore, we will have access to the intellectual property required to exploit the benefits of X-ray technology and particularly polymer modification, enabling us to expand the service offering to our healthcare customers."
With Leoni Studer Hard’s revenues hitting $11.4 million last year, and sales continuing to grow, Outsourcing-Pharma questioned its former parent company Leoni Group about its decision to sell.
MD Hans Hartmann told us: “We have had a good solid base of medical technology through Leoni Studer Hard, the medical industry isn’t our main focus.
“The Leoni Group wanted to focus more on our core assets, which is providing cable for the automotive industry.”
He said the group is now confident Synergy can optimise operations for Leoni Studer Hard.
When Outsourcing-Pharma contacted Synergy, the firm was unavailable for comment.