Acquisition Expands 3M’s Vascular Access Offerings
3M announced today that it has entered into a definitive agreement to acquire Ivera Medical Corp., a manufacturer of health care products that disinfect and protect devices used for access into a patient’s bloodstream. Terms of the transaction were not disclosed.
The addition of Ivera will enhance 3M’s vascular access product offerings at a time when health care facilities are looking for cost-effective solutions that improve patient health outcomes, particularly in the area of hospital acquired infections (HAIs) such as catheter-related blood stream infections, or CRBSIs. Reducing the risk of CRBSIs is a major focus of health care facilities around the world due to loss of life and high treatment costs.
Ivera makes I.V. port connector caps, sold under the Curos® Brand, which are used to disinfect and act as a barrier to contamination on devices that provide access to I.V. lines. These products complement 3M’s vascular access products including Tegaderm™ CHG (Chlorhexidine Gluconate) I.V. Securement Dressings, which deliver the critical elements of antimicrobial protection and securement for I.V. site care.
“Our products play an important role in helping to reduce complications for patients with I.V. catheters,” said Bill Cruise, vice president and general manager, 3M Critical & Chronic Care Solutions Division. “Together with Ivera, we can bring a broader array of vascular access solutions to more health care systems worldwide.”
In addition to the Tegaderm Brand dressings, 3M’s innovative products that help prevent and treat critical and chronic conditions include medical tapes, skin care products, bandages and wraps, and skin closures.
“3M’s acquisition of Ivera represents a fantastic outcome for all parties. 3M’s great products, ample resources and worldwide presence coupled with Ivera’s best-of-class Curos Brand product line and salesforce will accelerate global acceptance and growth of the Curos Brand here in the US and worldwide,” said Bob Rogers, CEO, Ivera Medical Corp.
Ivera is based in San Diego, Calif., employs approximately 60 people and has annual sales of approximately $30 million. The transaction is expected to close in the first half of 2015, subject to customary closing conditions and regulatory approvals.
On a GAAP reported basis, 3M estimates the acquisition to be neutral to earnings in the first 12 months following completion of the transaction.
About Ivera Medical Corp.
Ivera Medical Corp. is focused on the design, development, manufacture, marketing and sale of the Curos line of products including passive disinfection port protectors that disinfect and then cover needleless valves to prevent contamination between venous accesses. For more information about Curos Brand and Ivera, visit the website at www.curos.com.
About 3M
3M is a science-based company with a culture of creative collaboration that inspires powerful technologies, making life better. With $32 billion in sales, 3M employs 90,000 people worldwide and has operations in more than 70 countries. For more information, visit www.3M.com/ or follow @3MNewsroom on Twitter.
3M and Tegaderm are trademarks of 3M.
Curos is a registered trademark of Ivera Medical Corp.
3M Media Contact:Donna Fleming Runyon, 651-736-7646orIvera Media Contact:Matt Heindel, 858-752-9514VP, Business DevelopmentorInvestor Contacts:Matt Ginter, 651-733-8206orBruce Jermeland, 651-733-1807
