L&T has signed an agreement to purchase the medical technology company Cambridge Technologies, and will invest up to $1 billion in the joint venture.
Cambridge’s products will be used by the L&S healthcare network to provide healthcare services, said Andrew D. McBride, president and chief executive of L&M, in a press release.
The deal will help accelerate L&Ts efforts to build an entirely new generation of health care technology, McBride said.
Cambridge Technologies is a technology company focused on building innovative medical devices and devices solutions that enable patients to manage their health, according to a press conference held Tuesday.
The company, which was founded in 2014, has already won several awards for its work in the medical device space, including the 2017 Innovator of the Year Award from the Association of American Medical Colleges.
“L&T’s leadership in medical device innovation will help L&H continue to lead the medical devices industry in the coming years,” said Andrew G. McBain, chief executive officer of LTM, in the release.
“This transaction will help us further accelerate our growth in healthcare and accelerate the evolution of our company.”
Cambridges new technology platform will allow L&s technology to provide high-quality healthcare services at a much lower cost, McBains statement added.
As a leading healthcare technology company, L&L has been working to establish itself as a leader in healthcare technology for years.
L&L’s medical device business includes a suite of medical imaging devices and technology that can be used to detect, monitor, diagnose and treat conditions such as heart disease, stroke, cancer, chronic pain and chronic fatigue.
L&TM was founded by two brothers who were part of the Boston Scientific company, the company was founded at the beginning of the last century and today has more than 100 employees.
In March, LTM announced that it would purchase the British biotechnology firm AstraZeneca for an undisclosed sum.
While the acquisition has been met with mixed reviews, the deal is likely to help LTM expand its business in the healthcare space.
McBride said in the press release that L&’s technology could be used in a variety of different types of healthcare applications.
“Cambridge Technology’s technology is now an essential part of our healthcare products,” McBride stated.
The L&&T medical device team will begin to build the technology platform at the Cambridge facility this summer, the announcement said.
At the same time, L & T is also working with another major healthcare technology firm to establish a new healthcare network in India, the statement added, according.
For more information on L&G’s medical technology and medical devices business, click here