Thomson Geer has advised Australian MedTech company, Magnetica on its successful merger with medical equipment business, Scientific Magnetics.
Magnetica, who specialises in next-generation magnetic resonance imaging (MRI) technologies will merge with UK based bespoke designer and manufacturer of superconducting magnet systems, Scientific Magnetics and its US subsidiary Tecmag, which manufactures instrumentation for nuclear magnetic resonance (NMR), nuclear quadrupole resonance (NQR) and MRI markets.
The merger creates a group with a presence in Australia, the United Kingdom and the United States that has the intellectual property and technical capability to design and manufacture ‘next generation’ magnetic resonance imaging (MRI) systems, with an independent expert report valuing this transaction post-merger at A$62 – A$102 million.
The merger group has the potential to become a disruptive player in the global MRI market as a new independent original equipment manufacturer of human Extremity MRI Systems and Small Companion Animal MRI systems.
Thomson Geer partner Eugene Fung said the merger is part of a trend of global enterprises acquiring or partnering with Australian technologies.
“We have recently advised global heavyweights such as Assa Abbloy, Michelin, Fleetcor and Daifuku on acquiring Australian tech product lines and businesses as they seek to improve productivity and generate new revenues in their traditional businesses”, said Eugene Fung.
The Thomson Geer team consisted of partner Eugene Fung, lawyer Sarah Beattie and senior associate Siew Mei Fagan.