Respironics Inc, Murrysville, Pa, has acquired Apollo Light Systems in an effort to get a piece of the circadian rhythm device therapy market.
The American Fork, Utah,based Apollo is a 20-year-old, privately held company and a leading manufacturer of light therapy systems for melatonin suppression and circadian rhythm sleep disorders. The company has annual revenues of approximately $5 million. The base cash purchase price is $6.5 million, with provisions for additional payments to be made based on Apollo’s operating performance over the next year.
"Apollo will become part of our Sleep Well Ventures business which is focused on pursuing opportunities in insomnia, circadian rhythm disorders and other sleep/wake market segments," stated John L. Miclot, president and CEO of Respironics. "Our intent is to broaden the scope of the company beyond our core business of obstructive sleep apnea and to enter white spaces where we can serve the needs of problem sleepers seeking medical devices that are easier and more natural to live with.”
Respironics stated that the acquisition will not impact revenues or earnings and the company will not be changing its financial outlook or guidance based on this announcement.
To read the full news release, click here.