Morgan Hill, CA – Paramit Corporation announced today that it has completed its sale to the Tecan Group (SIX Swiss Exchange: TECN) for a total upfront consideration of USD 1.0 billion (CHF 920 million). Based in Maennedorf, Switzerland, Tecan is a leading global provider of laboratory instruments and solutions in life science research and clinical diagnostics. The acquisition enhances Paramit’s capabilities and market leadership in life sciences and in-vitro diagnostics (IVD), significantly accelerates Tecan’s entry into medical devices and expands the combined platform’s total addressable market to serve its customers around the world. Since 2011, Paramit Corporation has been privately held by Altaris Capital Partners, LLC, a healthcare-dedicated investment firm based in New York, NY.
Paramit will now operate as a wholly owned subsidiary of Tecan. The transaction creates a combined global platform with world-class design, development and manufacturing capabilities and scale to provide unparalleled support to customers in the fastest growing segments of healthcare. In addition, Paramit will be able to enhance Tecan’s service offering for its existing OEM customer base and leverage Tecan’s strong commercial channels to further expand Paramit’s reach in the European and Asian markets, including China, and beyond.
Morgan Stanley & Co. LLC acted as financial advisor and Schiff Hardin LLP acted as legal counsel for Paramit.
Paramit is an FDA-registered manufacturer of medical devices and life science instruments. With operations in the U.S., Europe, and Malaysia, Paramit offers OEMs a low risk approach to designing, assembling, and testing mechatronic intensive devices such as point-of-use medical equipment and benchtop laboratory instruments. Paramit’s vPoke® computer directed assembly process provides a zero-defect manufacturing environment in ISO 13485 certified facilities.
For more information, please visit www.paramit.com.
Altaris is an investment firm focused exclusively on the healthcare industry. Altaris invests in companies that deliver value to the healthcare system and improve patient outcomes by providing innovative products and services. Since inception in 2003, Altaris has invested in more than 40 companies across its five main investment funds. Altaris has $5.9 billion of equity capital under active management and is headquartered in New York, NY.
For more information, please visit www.altariscap.com
Tecan is a leading global provider of laboratory instruments and solutions in biopharmaceuticals, forensics and clinical diagnostics. The company specializes in the development, production and distribution of automation solutions for laboratories in the life sciences sector. Its clients include pharmaceutical and biotechnology companies, university research departments, forensic and diagnostic laboratories. As an original equipment manufacturer (OEM), Tecan is also a leader in developing and manufacturing OEM instruments and components that are then distributed by partner companies. Founded in Switzerland in 1980, the company has manufacturing, research and development sites in both Europe and North America and maintains a sales and service network in 52 countries. In 2020, Tecan generated sales of CHF 731 million (USD 778 million; EUR 683 million). Registered shares of Tecan Group are traded on the SIX Swiss Exchange (TECN; ISIN CH0012100191).
For more information, please visit www.tecan.com