Guelph’s Linamar Corporation is expanding into the medical biotech market.
The global auto parts manufacturer has announced it is investing USD$5 million in Synaptive Medical Inc.
Linamar said in a news release that “the transaction allows Linamar to participate as both a shareholder and manufacturer in the rapidly growing and dynamic medical device and biotech market.”
Linamar will also be manufacturing Synaptive’s Modus V fully-automated digital microscope and Evry, a supportive MRI system not yet cleared for medical use.
The devices will be made in Guelph.
“Today’s announcement closely aligns with Linamar’s innovation and diversification strategy by bringing significant value to an innovative early stage company for mutual growth,” the company said in the release.
“The deal leverages Linamar’s manufacturing expertise and infrastructure, design for manufacturing capabilities, and supply chain management expertise to allow for rapid commercialization of Synaptive’s products.”
Modus V is a fully-automated, hands-free, robotically controlled digital microscope with advanced visualization that supports a wide range of surgical approaches and workflows.
Evry is a head-only MRI system developed to improve access to MRI in critical and acute care and is intended to overcome the many challenges of cost effectiveness and workflow optimization associated with conventional MRIs.
“I am very pleased to announce this manufacturing agreement and investment with Synaptive,” said Linamar CEO Linda Hasenfratz.
“This strategic partnership is a great first step for us into the opportunistic medical and biotech market, given the growing and aging population and the ongoing demand for new, innovative and cost effective solutions to our growing medical needs.”
Linamar has 27,000 employees in 61 manufacturing locations, 10 R&D centres and 25 sales offices in 17 countries in North and South America, Europe and Asia which generated sales of $7.6 billion in 2018.