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Print Edition StoriesMonday, December 29, 2008
Inverness unit Orgenics buys Brazil’s Prodimol
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HIV-focused life sciences company Orgenics Ltd., an Israeli subsidiary of Inverness Medical Innovations Inc., has acquired a stake in Prodimol Biotecnologia SA, according to Prodimol’s venture backers.
Based in Brazil, Prodimol manufactures and distributes medical products and pharmaceuticals. The company is backed by Brazilian VC firm FIR Capital Partners and FundoTec I, which counts among its limited partners the Sumitomo Corp., the Brazilian Small Business Agency, and private investors.
Orgenics reportedly plans to increase its presence throughout Latin America using Prodimol’s “extensive local distribution network.” Terms of the deal were not disclosed.
In 2007, FIR Capital, which announced the deal, became a part of the Draper Fisher Jurvetson Network. Draper Fisher Jurvetson has nearly $6 billion under management, and some of its past successes include Hotmail, Skype and EnerNOC.
Inverness Medical Innovations (AMEX:IMA), based in Waltham, in July extended an existing distribution agreement with medical device giant Thermo Fisher Scientific Inc. through December 2010.
With more than 5,000 workers worldwide, Inverness reported a 2007 net loss of $244.8 million on revenue of $839.5 million.
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