Today, Getinge announces an agreement to acquire 100% of Paragonix Technologies, Inc., a leading organ transport products and services company in the United States for an aggregated purchase price, including upfront and earn out payments, estimated to approximately USD 477 million.
With the acquisition of Paragonix Technologies – a pioneer and innovator in organ transport and preservation – Getinge marks its entry into a rapidly advancing field driven by rising transplant volumes, technological innovations and evolving clinical practices. The acquisition aligns with Getinge’s broader strategy to expand its portfolio into high growth markets that complement and enhance its acute heart and lung support offering already being used in connection with transplantation, positioning the company at the forefront of the fast-growing organ preservation and transportation market.
“We are excited to enter the organ preservation and transportation market which is rapidly evolving, driven by a global shortage of organs and the pressing need to increase transplantation volume. Teaming up with Paragonix Technologies’ talented team and proven technology is not just a strategic fit for Getinge, it is a catalyst to redefine the market standard, especially considering our expertise in the acute heart and lung support segment and our existing global sales network”, says Elin Frostehav, President Acute Care Therapies at Getinge.
Founded in 2010, Paragonix Technologies is a privately held company headquartered in Waltham, Massachusetts, USA, and employs approximately 100 people. In 2023, Paragonix Technologies reported revenues of USD 43.1 million, representing an impressive 136% growth over prior year. Close to 100% of its sales are generated from the US market.
The global organ preservation and transportation market is expected to continue to sustain rapid growth. In the US, reforms initiated in 2019 are transforming the transplantation system, driving further improvements in organ transplantation. Additionally, the utilization of organs from previously underutilized donor pools is expanding overall transplant volumes. With over 100,000 patients on the organ waiting list in the US alone, and alongside ongoing technological advancements, the US and EU combined total organ transplant market is expected to exceed USD 10 billion by 2033, continuing its double-digit growth trajectory. The US remains the largest and most homogeneous market.
“We are thrilled to join forces with Getinge”, says Dr. Lisa Anderson, CEO and President of Paragonix Technologies. “Our product portfolio, transplant services, and robust clinical data position us as an industry leader. Together, we look forward to making a broad clinical impact, improving patient care, and launching new innovations in transplantation and end-stage organ failure. With Getinge’s global sales footprint, we can now extend our technologies and solutions to underserved patient populations worldwide.”
The acquisition enables Getinge to provide innovative solutions across the entire transplant workflow, complementing and synergizing with existing pre- and post-transplant patient support products in the acute heart & lung support segment while also venturing into the adjacent kidney, liver, and pancreas markets.
“This strategic move positions us to innovate within the transplant space, and ultimately, confirms our purpose to make life-saving solutions accessible for more people and our objective to double the lives saved. We look forward to an exciting future where we continue to make a difference together with our new colleagues at Paragonix Technologies,” Elin Frostehav concludes.
