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UPDATE 1-Samsung Electronics buys U.S. medical device start-up
January 28, 2013 / 11:55 PM / 5 years ago

UPDATE 1-Samsung Electronics buys U.S. medical device start-up

SEOUL, Jan 29 (Reuters) - Samsung Electronics Co said on Tuesday that its U.S. subsidiary had acquired NeuroLogica, a maker of computed tomography (CT) machines, in its latest push into the medical equipment business to take on the likes of General Electric Co and Philips AG.

Samsung Electronics America has fully acquired Massachusetts-based start-up NeuroLogica for an undisclosed amount, the South Korean company said in a statement. NeuroLogica, which was established in 2004, manufactures portable CT scanners.

The head of Samsung’s consumer electronics division had told Reuters earlier this month that the company was seeking to grow its medical device unit by adding MRI scanners and CT machines, and the company was open to making acquisitions.

Samsung has said it plans to spend 1.2 trillion won ($1.1 billion) in the medical equipment business by 2020 to make it a $10 billion operation by then.

It acquired a controlling stake in Korean ultrasound equipment firm Medison in 2010 and its affiliate later for around $300 million in total, its biggest ever acquisition in the healthcare industry.

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