News: Resmed acquires Irish device company

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Distributor and manufacturer of medical equipment, Resmed Inc (ASX:RMD), says it has acquired an Irish medical technology company called BiancaMed Ltd with cash. 

While the value of the deal has not been disclosed, a ResMed spokesperson is understood to have told The San Diego Union-Tribune that the price was a "significant premium” over the $15.8 million invested in BiancaMed before now.

ResMed’s chairman and CEO, Peter Farrell, says the company invested in BiancaMed at their inception in 2003, with both companies having worked together for some years since then.  

BiancaMed has developed a non-contact device to monitor sleep and breathing.

ResMed says the acquisition is inline with its strategy to pursue applications for its core sleep market.

In the first six months of its 2011 financial year, ResMed reported a net profit of $113.3 million.