Alvimedica purchased In-Vivo
Alvimedica, which is the first and only manufacturer of cardiologic balloon catheters and heart stents in Turkey, purchased a US based medical technology company, In-Vivo. In a written statement on this matter, it was indicated that Alvimedica had become one of the important players in the world league through the purchase of In-Vivo, which manufactured “guiding” catheters and angiography catheters developed by Alvimedica. It was further reported that with the finalization of the purchasing initiative, all manufacturing facilities of In-Vivo, located currently in the USA, would be transferred to Alvimedica’s production facilities in Catalca.
The remarks made by Cem Bozkurt, CEO of Alvimedica, regarding the purchase in his statement were as follows: “We wake up to each day with the desire to become a world leader. You might have heard many times before about the Americans who acquired companies in Turkey. This time we bought an American firm. You will soon hear that: Alvimedica manufactures the best catheter in the world. At the moment, we are working on a technology aimed at replacing cardiac valves with catheters. With the technology that we are developing, we will reduce the open heart surgeries to a minimum. We will use the angiographic methods in dilating the vessels of the brain, liver, kidney, gall bladder and pancreas. You will get used to hearing such nice and interesting news from us”.
Mr. Bozkurt expressed that as of today $10, 5 million had been spent in establishing the center in Catalca and continued as follows: “However, we allocated $4, 5 million to be used in 2009 just for the R&D initiatives. Whilst closing 2008 with a $6 million turnover, we target a turnover of $22 million in 2009. Alvimedica also targets an increase of 50% in its export activities in 2009. Currently, we make 60% of our total sales in the Turkish market and the remaining 40% is sold to 22 different countries.”
Mr. Bozkurt conveyed that there are five big companies producing catheters and coronary heart stents –which are the products also available in Alvimedica’s product portfolio- in the world. He further expressed that Alvimedica aims to be amongst these big companies with the investments planned within the following five years. Whilst indicating that it does not only enhance its R&D resources to develop its own product range but it also purchases companies and products that are considered to be apt. Mr. Bozkurt stated; “Alvimedica will increase its growth pace with the ongoing 3rd party purchasing negotiations. Also development projects for nearly 20 products are still being carried out in cooperation with various universities.” Pete Laroque, CEO of In-Vivo, indicated that they produced products for Jomed and Abbott up until today and they realized all the technical developments in their catheters with their 20 years of experience. Mr. Laroque said; “Alvimedica made an offer and we decided that it was going to be more suitable to utilize our products and technical knowledge within Alvimedica rather than continuing on our own. We have been impressed with - especially - the development strategy of Alvimedica and noticed that the technology utilized in its new factory is very good and advanced. We are certain that Alvimedica will be amongst the best of the world.”
In the statement, it is further indicated that the activities of Alvimedica – which was established in 2006 by a group of Turkish businessmen residing in Sweden and Denmark – were carried on since 2007. With this purchase initiative, Alvimedica - which is a company funded with 100% Turkish capital – will be amongst the most important actors in the world in interventional cardiology applications in Turkey. In the statement it is emphasized that In-Vivo had been producing radio-diagnostic and guiding catheters for the cardiology industry for over 25 years in New York. During this period, they manufactured products for Jomed and Abbott companies, which are the biggest players in the cardiology field in the world. It is further stated that by purchasing In-Vivo, Alvimedica added to its product portfolio and increased its chances of becoming successful in the near future.