Samsung Electronics acquires cardiac equipment maker Nexus

Samsung Electronics today said that it has acquired US-based healthcare equipment maker Nexus, for an undisclosed price, as part of the South Korean electronics giant's plan to expand in the healthcare sector.

The Seoul-based company had last year said that it would invest 1.2 trillion won ($1.1 billion) through 2020 in healthcare equipment and acquired a 43.5 per cent stake in Medison Co., a South Korean diagnostic ultrasound manufacturer, for $292.2 million in December 2010.

Founded in 2009, San Diego, California-based Nexus, a division of ITC Nexus Holding Company, develops, manufactures and markets the Cardiac STATus, DECISION Point and VYENT line of rapid test kits that aid in the diagnosis and monitoring of several cardiovascular diseases.

Nexus will become part of Samsung's HME division, which focuses on developing and innovative technological solutions for the healthcare industry.

''This investment represents an exciting opportunity to strengthen Nexus' technological capabilities while enabling Samsung to compete in the cardiac point-of-care testing market,'' said Yong-chu Bang, vice president of Samsung Electronics' Health and Medical Equipment (HME) business team.

''Samsung has a history of leadership and innovation in high growth sectors and has recently announced a commitment to invest in the medical device, diagnostic, and biopharmaceutical industries,'' said ITC CEO John Sperzel.

''We believe this divestiture will provide Nexus the resources and support to continue to develop and build its platform of cutting edge rapid cardiac testing products and enable ITC to focus and build on its core hemostasis point-of-care testing and monitoring products that target the physician office and hospital markets,'' he added.