Updated 7/13 to include the deal’s financial details.
The buyout is a perfect fit in Gerresheimer’s portfolio, the company explained, since it will boost Gerresheimer’s drug delivery offerings and add new digital and electronic capabilities into the mix.
Gerresheimer could fork over as much as $409 million as part of the deal, according to Reuters. Sensile Medical said it will become the Development Center for Value Added Devices within the Gerresheimer Group.
The two companies have a “range of synergies,” they said – Gerresheimer specializes in primary packaging for parenterals, as well as production and commercial manufacturing capabilities with medical plastics. This expertise fits well with Sensile Medical’s micro-pump technology designed for large volume injectors.
“We will accelerate our growth and open new opportunities for business expansion. Sensile Medical is a perfect fit for us with its innovative products and platforms in drug delivery systems, including ‘connected’ devices,” Andreas Schütte, executive board member of Gerresheimer AG Plastics & Devices, said in prepared remarks.
“This transaction represents a key milestone in Sensile Medical’s growth strategy. Gerresheimer is an ideal partner for Sensile Medical in so many ways. We look forward to becoming part of Gerresheimer’s success in the future,” Sensile Medical CEO Derek Brandt added.