Business Wire04.08.16
Adavium Medical announced the acquisitions of Alka Tecnologia and Hemogram Industria e Comercio, two of the largest clinical diagnostic companies in Brazil, transforming the company into the largest Brazilian medical equipment and diagnostics company as measured by sales and number of customers across both specialties.
The company, formerly known as ADVANCE Medical, also announced that it has raised $21 million in a Series C financing from new investors, including CVF LLC, an affiliate of Henry Crown and Company, and all of its existing major investors, including Venrock, Aberdare Ventures and Arboretum Ventures. The new funds are expected to finance these and other acquisitions, and to strengthen strategic capabilities throughout the company.
“We bring commercial sophistication and scale to one of the largest and most complex healthcare markets in the world,” said Fred Aslan, M.D., CEO of Adavium Medical. “We have spent the past several years evaluating and acquiring the best Brazilian companies that, together with our team and capabilities, would create the undisputed commercial and manufacturing leader. We are now the partner of choice for international companies with premium products. We also develop and manufacture proprietary products that bring the benefits of high-end technologies to the very large, but often ignored, value segment of the Brazilian market that requires affordable products. As a result, a number of our product lines lead in market share.”
The company operates two divisions: medical devices, focused on esthetics, dermatology, plastic surgery, vascular surgery and gynecology; and clinical diagnostics, offering equipment and reagents used by clinical laboratories. Both markets are $1 billion sectors individually, with substantial growth potential driven by demographics and broadening access to healthcare services.
Adavium executives said Claudia Goulart, former CEO of GE Healthcare for Latin America, has been hired as chief operating officer and president of the Diagnostics division. Goulart has served on Adavium Medical’s board since 2013. Prior to GE Healthcare, she held senior leadership roles in a number of private equity-backed companies, including serving as chief financial officer at IG (Internet Group do Brasil) and Ferrovia Centro Atlantica.
“As a board member, I have witnessed Adavium Medical’s growth from a start-up to the Brazilian leader in medical equipment and diagnostics and I am thrilled to assume a full-time leadership role,” said Goulart. “We are building an integrated product development and commercial platform able to bring the right portfolio to the largest number of customers in Brazil in a professional, ethical and FCPA-compliant manner.”
With a population of more than 200 million, Brazil is the third largest private healthcare market in the world, behind only the United States and China. The Brazilian healthcare market is estimated at $120 billion, with a 10-year historical growth rate of almost 20 percent, and is expected to continue growing rapidly due to demographics. Driving that growth are Brazil’s baby boomers aged 65-plus, whose population has been growing three times faster than in the United States.
Adavium Medical is the largest Brazilian medical equipment and clinical diagnostics company. It partners with international companies to bring sophisticated products to Brazil, and develops and commercializes proprietary, value-based products that complement them and serve unmet market needs.
The company, formerly known as ADVANCE Medical, also announced that it has raised $21 million in a Series C financing from new investors, including CVF LLC, an affiliate of Henry Crown and Company, and all of its existing major investors, including Venrock, Aberdare Ventures and Arboretum Ventures. The new funds are expected to finance these and other acquisitions, and to strengthen strategic capabilities throughout the company.
“We bring commercial sophistication and scale to one of the largest and most complex healthcare markets in the world,” said Fred Aslan, M.D., CEO of Adavium Medical. “We have spent the past several years evaluating and acquiring the best Brazilian companies that, together with our team and capabilities, would create the undisputed commercial and manufacturing leader. We are now the partner of choice for international companies with premium products. We also develop and manufacture proprietary products that bring the benefits of high-end technologies to the very large, but often ignored, value segment of the Brazilian market that requires affordable products. As a result, a number of our product lines lead in market share.”
The company operates two divisions: medical devices, focused on esthetics, dermatology, plastic surgery, vascular surgery and gynecology; and clinical diagnostics, offering equipment and reagents used by clinical laboratories. Both markets are $1 billion sectors individually, with substantial growth potential driven by demographics and broadening access to healthcare services.
Adavium executives said Claudia Goulart, former CEO of GE Healthcare for Latin America, has been hired as chief operating officer and president of the Diagnostics division. Goulart has served on Adavium Medical’s board since 2013. Prior to GE Healthcare, she held senior leadership roles in a number of private equity-backed companies, including serving as chief financial officer at IG (Internet Group do Brasil) and Ferrovia Centro Atlantica.
“As a board member, I have witnessed Adavium Medical’s growth from a start-up to the Brazilian leader in medical equipment and diagnostics and I am thrilled to assume a full-time leadership role,” said Goulart. “We are building an integrated product development and commercial platform able to bring the right portfolio to the largest number of customers in Brazil in a professional, ethical and FCPA-compliant manner.”
With a population of more than 200 million, Brazil is the third largest private healthcare market in the world, behind only the United States and China. The Brazilian healthcare market is estimated at $120 billion, with a 10-year historical growth rate of almost 20 percent, and is expected to continue growing rapidly due to demographics. Driving that growth are Brazil’s baby boomers aged 65-plus, whose population has been growing three times faster than in the United States.
Adavium Medical is the largest Brazilian medical equipment and clinical diagnostics company. It partners with international companies to bring sophisticated products to Brazil, and develops and commercializes proprietary, value-based products that complement them and serve unmet market needs.