On Thursday, Wayne, PA-based Escalon Medical acquired JAS Diagnostics (JAS) through its Drew Scientific division for $1.2 million in cash and $800,000 in notes payable.
JAS manufactures a broad range of diagnostics chemistry reagents used in IVD tests. The ‘bolt-on’ acquisition should synergistically expand Drew’s position in the consumable market while creating value through existing customer relationships. Drew is focused on the equipment side of the IVD business.
JAS is a privately-held, ISO 9001 certified manufacturer of class I and II in vitro diagnostics reagents with revenues of approximately $2.0 million. JAS offers over 150 products and has obtained FDA 510(k) marketing clearance and CLIA classification for its manufactured products as required. JAS reagent instrument applications are available for numerous widely-available chemistry analyzers. The company markets its products to physician, reference, hospital and veterinary laboratories worldwide.
Escalon Medical operates through several wholly owned subsidiaries: Sonomed, Escalon Digital Solution, Trek, Escalon Vascular Access and Drew Scientific. The companies develop, market and distribute medical devices and pharmaceuticals in the areas of ophthalmology, diabetes, hematology and vascular access. In 2007, Escalon recorded net income of $5.9 million on $38.8 million in sales.