Getinge has announced an agreement to acquire Paragonix Technologies, a leader in organ transport products and services, for approximately $477 million.

The acquisition, which includes upfront payments and potential earn-out payments contingent on future milestones, allows the Gothenburg, Sweden-based company to enter the growing organ preservation and transportation market, complementing its existing offerings in acute heart and lung support.

Paragonix Technologies, founded in 2010 and headquartered in Waltham, Massachusetts, has gained prominence with its advanced organ preservation devices. In 2023, the company reported revenue of $43.1 million, reflecting 136% growth over the previous year. Currently, Paragonix generates nearly all its sales within the U.S.

The acquisition aligns with Getinge’s broader strategy to expand into high-growth markets, driven by rising transplant volumes and technological advancements. “Teaming up with Paragonix Technologies is a catalyst to redefine the market standard, especially considering our expertise in acute heart and lung support,” said Elin Frostehav, president of acute care therapies at Getinge.

Paragonix CEO Dr. Lisa Anderson expressed enthusiasm about the acquisition, noting the potential for global expansion and enhanced patient care through Getinge's sales network. The deal positions Getinge to offer comprehensive solutions across the transplant workflow, extending its reach beyond heart and lung segments into kidney, liver, and pancreas markets.

Last fall, Getinge acquired U.S.-based Healthmark Industries, a leading provider of sterile reprocessing solutions and infection control consumables, for approximately $320 million.

The acquisition is expected to close by late Q3 or early Q4 2024, subject to customary closing conditions.