The contract ethylene oxide sterilisation operation in Erie, PA, will serve the medical device industry
Cosmed Group, Inc of Jamestown, Rhode Island has acquired the ethylene oxide sterilisation operation in Erie, PA from iuvo BioScience, LLC, marking a significant strategic move by both companies.
Cosmed Group which provides pasteurisation and sterilisation services and technologies to food producers and manufacturers announced the move in the second half of December.
Cosmed Group also provides equipment and consulting services to support customers operating pasteurisation and sterilisation processes in-house.
"We are thrilled to expand our core business of contract sterilisation in the medical device industry, and to continuing service to iuvo BioScience's many loyal customers," said David Howe, Chief Operating Officer of the Cosmed Group.
"The decision to divest our ethylene oxide sterilisation operation was made to sharpen our focus on our core strategy as a leading laboratory service provider for the pharmaceutical and medical device industries," said Ben Burton, President & CEO of iuvo BioScience, of Rush, NY.
"Since we will continue to provide laboratory services to our sterilisation customers, it was important to find the right partner to consummate the deal – a company that possessed strong sterilisation expertise and embraced our 'client-first' culture. In Cosmed, we found the ideal partner."
The details of the deal were not disclosed; however the two companies will maintain a very close relationship, serving existing clients and entering into a preferred partner relationship.
"Cosmed's acquisition marks our return to this business sector after an 11-year hiatus. The marketplace is hungry for choices in this arena and Cosmed has responded. This event launches what will be an expanding portfolio of contract sterilisation services inside North America and beyond.
"The partnership with iuvo provides our customers access to coordinated sterilisation and laboratory testing services," said Howe.
Burton concluded, "We are excited about closing this deal with Cosmed and are confident that our clients will see no difference in the service, technical rigor and supply chain assurance they have become accustomed to under iuvo BioScience.
"As the industry's only Partner Research Organisation, we look forward to further developing our core laboratory, R&D, technical services and consulting business, and serving the needs of our pharmaceutical and medical device clients around the globe."