Leica Biosystems signs definitive agreement to purchase Devicor Medical Products

Leica Biosystems, a global leader in anatomic pathology laboratory solutions and instruments, announced today that it has entered into a definitive agreement to acquire Devicor Medical Products, Inc.

Devicor is a global market leader in breast biopsy instruments and consumables, with annual revenues of approximately $170 million. Devicor, headquartered in Cincinnati, Ohio, has more than 550 employees and sells products in more than 50 countries around the world. It is committed to advancing technology to help clinicians accurately diagnose breast disease, such as breast cancer, through minimally invasive procedures.

"Leica Biosystems' products and solutions address the key steps across the anatomic pathology workflow. The addition of Devicor's market leading breast biopsy products, especially Mammotome, allows us to further integrate that workflow from the source, starting with the patient and the biopsy sample," said Matthias Weber, MD, President of Leica Biosystems. "This acquisition supports our mission of advancing cancer diagnostics to improve lives by adding products that will have direct benefits for the patients and the clinicians who care for them."

Among Devicor's products is the Original Mammotome Breast Biopsy System, which, to date, has enabled more than four million women to have a minimally invasive breast biopsy. Devicor's product portfolio also includes the Mammotome revolve, the tether-less Mammotome elite, Neoprobe Gamma Detection System, Mammotome MammoTest stereotactic biopsy table, as well as a comprehensive portfolio of tissue markers used in breast disease diagnostic sampling and management.

Devicor will operate as a standalone business within Leica Biosystems and will continue to be led by Tom Daulton, the current CEO of Devicor. "Our portfolio of products is highly complementary with Leica's. We are excited about our future as part of Leica. Integrating the pathology workflow will open the door to further improve efficiency, diagnostic quality and patient outcomes," said Daulton.

The transaction is expected to close in early 2015. The agreement is subject to applicable regulatory approvals and other customary closing conditions. No other financial terms and conditions have been disclosed.