Patricia Industries' subsidiary Advanced Instruments to acquire and merge with Nova Biomedical

NORWOOD, Mass., March 19, 2025 /PRNewswire/ -- Patricia Industries' subsidiary Advanced Instruments, a manufacturer of analytical instruments for the biopharmaceutical and clinical markets, today announced the execution of a definitive agreement to acquire Nova Biomedical, a manufacturer of innovative analytical instruments and consumables that are vital in guiding the treatment of patients and the development of biotechnology therapeutics.

Following the closing of the transaction, Advanced Instruments and Nova Biomedical will merge, creating a global life science tools platform that will operate under the Nova Biomedical name, with a diversified portfolio of analytical instruments, reagents and services. Byron Selman, President & CEO of Advanced Instruments, will lead the combined business, while Nova Biomedical founding shareholders Frank Manganaro, CEO and Dr. Chung-Chang Young, EVP of R&D, will stay with the company in a consulting capacity.  For the full year 2024, the combined business generated sales of $621M. Over the past 10 years, pro forma organic sales growth has averaged approximately 8 percent.

"Combining these two great companies aligns with our core strategy to develop and commercialize best-in-class technologies that deliver significant customer value across the biopharma and clinical markets," commented Mr. Selman. "The combination of our technologies, R&D strength, global sales network, dedicated teams and commitment to innovation will advance our collective ability to support customer workflows within various stages of drug development and bioprocessing and expand our footprint within the hospital and other healthcare settings, guiding patient care with our diversified product portfolio and supporting our growing customer base."  

"We are excited to unite with the Advanced Instruments team," said Mr. Manganaro. "Our companies share similar values and objectives including a vision for sustained innovation, a strong commitment to the end markets we respectively serve and above all a strong connection to improving patient care globally. Bringing together our strong teams, focus on innovation and dedication to the customer will strengthen our combined companies and support a bright future for Nova Biomedical."

"Growing our platform companies within Patricia Industries is a key priority for us, and we are excited to accelerate Advanced Instruments' growth journey with the acquisition of Nova Biomedical, whose talented team we welcome to the Patricia Industries family," said Yuriy Prilutskiy, Co-Head of Patricia Industries, a part of Investor AB and owner of Advanced Instruments. "The combined business will be well-positioned to bring innovative technologies to customers across the clinical and bioprocessing markets, enable patients globally to receive better healthcare, and deliver long-term profitable growth – all of which align with our purpose of creating value for people and society by building strong and sustainable businesses."

Closing is subject to regulatory approval and is expected during the third quarter of 2025.

Advanced Instruments was represented by UBS Investment Bank (financial advisor), Simpson Thacher & Bartlett LLP (legal advisor) and Cooley LLP (legal advisor).

Nova Biomedical was represented by Jefferies (financial advisor) and David Polk & Wardwell LLP (legal advisor).

For Further Information:
Advanced Instruments
Contact: Lisa Fahey
603-438-9080

About Advanced Instruments

Advanced Instruments is a global provider of scientific and analytical instruments for the biotechnology, clinical, and food and beverage industries. For more than 70 years, the company's innovations have helped organizations improve quality of results, achieve reliable outcomes, and increase workplace productivity. Advanced Instruments has a diverse portfolio of products, including freezing point osmometers, technologies for cell line development, liquid handling verification instrumentation, cerebrospinal fluid cell counters, anaerobic jar systems, and testing standards and controls. Advanced Instruments is based in Norwood, Massachusetts and is majority owned by Patricia Industries. For more information, visit www.aicompanies.com.

About Nova Biomedical

Nova Biomedical is a global provider of analytical instruments and consumables for the biopharmaceutical and clinical markets. The company's innovative products are used in over 100 countries by leading biopharmaceutical companies and hospitals. Nova's clinical products provide point-of-care analysis and monitoring of critical analytes including blood gases and glucose used to diagnose and monitor patients in hospital settings. Nova's biopharmaceutical products provide mission-critical analytics for research laboratories and drug manufacturing facilities, accelerating and improving the drug development process and product quality. Nova is headquartered in Waltham, Massachusetts and has approximately 1,600 employees. www.novabiomedical.com

About Patricia Industries

Patricia Industries, a part of Investor AB, makes control investments in best-in-class companies with strong market positions, brands and corporate cultures within industries positioned for secular growth. Our ambition is to be the sole owner of our companies, together with strong management teams and boards. We invest with an indefinite holding period and focus on building durable value and capturing organic and non-organic growth opportunities. For more information, visit www.patriciaindustries.com.

About Investor AB

Investor, founded by the Wallenberg family in 1916, is an engaged owner of high-quality, global companies. We have a long-term investment perspective. Through board participation, as well as industrial experience, our network and financial strength, we work continuously to support our companies to remain or become best-in-class. For more information, visit www.investorab.com.

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