Surgical Innovations buys laparoscopic instruments business

7th Nov 2016 08:03

(ShareCast News) - Medical technology manufacturer Surgical Innovations Group has bought a laparoscopic instruments business from Surgical Dynamics for about £360,000, including assumed debt of not greater than £50,000.Durham-based Surgical Dynamics has production processes, including metal injection moulding of medical components, which are particularly relevant to the AIM-listed company, which will be relocated to its Leeds site.Surgical Dynamics has also agreed that any new products developed in the laparoscopic field will be available to the company exclusively for three years.Managing director Melanie Ross said: "This is an exciting opportunity to increase our appeal to distributors and end-user customers across a number of geographical markets, and will further enhance our competitive position in the UK and elsewhere."This is the first acquisition by Surgical Innovations Group following board changes over the last twelve months, and we continue to seek further opportunities to build on our expanding market presence."Surgical Dynamics had revenues for the year ended 31 December 2015 of £120,000 and loss before tax was £170,000.Shares in Surgical Innovations Group were up 5.43% to 3.40p at 0809 GMT.