Northeast Ohio Biomedical Exits
Northeast Ohio bioscience and health IT companies continue to exit at a steady pace, while the merger and acquisition activity stays the course.
Since 2001, The Medical Capital has seen 65 biomedical company exits. 2017 has started strong with five exits taking place to date.
Northeast Ohio Mergers and Acquisitions
In 2016, six Northeast Ohio biomedical companies made acquisitions to further build their capabilities.
|Aris Radiology||US Teleradiology|
|Compass Health||Meridian Medical|
2015 was a standout year, as prominent industry leaders increasingly took interest and ownership in several entrepreneurial efforts in The Medical Capital:
- CARDIOINSIGHT, a Case Western Reserve University spin-out and developer of a non-invasive cardiac mapping system designed to diagnose electrical abnormalities affecting the heart, was acquired by Medtronic. Since the acquisition the company has relocated to a larger facility and has committed to doubling the size of its staff and payroll within The Medical Capital.
- EXPLORYS, a Cleveland Clinic spin-out and health data analytics software company, was acquired by IBM. The company is now part of IBM’s Watson Health Unit, has taken 42,000 sq. ft. in the landmark Eaton Building, and plans to add over 80 employees to its Medical Capital location by the end of 2016.
- ABEONA THERAPEUTICS, a Cleveland developer of therapies for rare genetic disorders, was acquired by Dallas-based PlasmaTech Biopharmaceuticals. The company moved its headquarters to The Medical Capital, is building a state-of-the-art manufacturing facility in the Health Tech Corridor and is hiring employees to staff the operation.
- ENVISIONRX, a Cleveland pharmacy benefits manager, was purchased for $2 billion by Rite Aid Corporation. The company continues to grow and thrive in The Medical Capital.