Innara Health announced on May 14 that it has been acquired by one of its previous investors, global healthcare company Cardinal Health Inc.
Innara Health was founded in Kansas, Olathe in 2012 after it bought the physical and intellectual property for the NTrainer system from KC Biomedix. Innara is a neonatal medical device company developing feeding technology for premature infants, full infants, newborns and children. Cardinal Health invested an undisclosed amount in Innara in April 2022.
Cardinal Health is an American multinational healthcare services company, and the 14th-highest revenue-generating company in the United States. Cardinal Health provides pharmaceutical and medical products and services in the United States and worldwide. Headquartered in Dublin, Ohio, the company specializes in the distribution of pharmaceuticals and medical products, serving more than 100,000 locations. Cardinal Health, founded in 1971, has around 48,000 employees. According to its most recent financial report, the company generated nearly $205 billion in revenue and EBITDA of about $1.4 billion for FY 2023.
The acquisition also included Innara’s NTrainer System, a medical device for newborns, which grew Cardinal’s portfolio of products that support pediatric and adult enteral feeding and nutritional delivery needs.
Outcome Capital, a Boston-based life sciences and health care investment banking firm involved with the two companies, introduced Innara to Cardinal in 2022. That introduction led to a partnership that year, and now an acquisition. The acquisition was made in early 2023, but wasn’t confirmed until May 14, 2024 in the Kansas City Business Journal. Financial terms of the deal were not disclosed.
According to data captured in the LevinPro HC database, this acquisition marks the 35th Medical Devices transaction of 2024. This is a notable decrease from 2023, when there were 48 Medical Devices deals announced between January 1, 2023, and May 14, 2023.
