Avanos Medical, Inc. announced that it has entered into a definitive agreement to acquire Diros Technology Inc. in Markham, Canada.
Diros Technology Inc. is a leading manufacturer of innovative radiofrequency products used to treat chronic pain conditions.
Avanos Medical, Inc. is a medical technology company focused on delivering clinically superior breakthrough medical device solutions to improve patients’ quality of life. Headquartered in Alpharetta, Georgia, Avanos is committed to addressing some of today’s most important healthcare needs, such as reducing the use of opioids while helping patients move from surgery to recovery. Avanos develops, manufactures and markets its recognized brands in more than 90 countries. According to its 2022 annual report, Avanos’s revenue during FY 2022 was $820 million.
The addition of Diros’ RF Trident technology is expected to further enhance Avanos’ pain management treatment options and complement its premium COOLIEF Cooled Radiofrequency product offering.
The transaction is expected to close in the third quarter of 2023. Avanos will finance the acquisition through a combination of funds from its existing credit facility and available cash. Financial terms of the deal were not disclosed.
This also marks the second transaction Avanos Medical has been involved in since it acquired OrthogenRx in December 2021 for $130 million. At the start of June 2023, the company divested its respiratory health business, including the BALLARD, MICROCUFF and endOclear product lines, to Sunmed for $110 million. In the same deal, SunMed also acquired two Avanos manufacturing facilities in Mexico and R&D expertise that support these brands.
