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USD $10m Sale to Cardinal Health

Biovend develops web enabled secure vending freezers to dispense biological reagents in medical research laboratories

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Biovend Biolocal Reagents 3

Cardinal Health to Acquire Biovend IP for USD $10m

In 2001 on behalf of venture capital investor Momentum Ventures, Jason Bresnehan was appointed the interim CEO of Biovend after the departure of the founding CEO.  Biovend develops web enabled secure vending freezers to dispense biological reagents in medical research laboratories.

In less than three years Jason has restructured the company developed markets for the company in the life sciences sector, finalized the difficult -20 degrees Celsius robotic technology R&D program and positioned the company to be acquired by Cardinal Health's point of use technology division (Visant Corporation) for USD $10m. Cardinal Health is a Fortune 20 Company in the USA and a previous acquirer of Pyxis, the world leading developer of point of use cabinets for dispensing hospital medical consumables.

Biovend raised  A Series A and Series B venture capital rounds totaling AUD $2m, which was exited for USD $10m within 4 years.

Jason brought the M&A dela to the table and negotiated the terms with the San Diego based CEO of Visitant Corporation, Cardinal Health 100% owned subsidiary.

Biovend Montage
Biovend Montage

About Biovend

  • A startup founded in 1999, and concluded a seed then Series A round in 2000
  • Product is a web enabled robotic vending freezers which dispense biological reagents for use in medical and biological research laboratories
  • Target customers are global life science companies who manufacture biological reagent consumables and sell via an hour based system where laboratory technicians draw from the consumable from an unlocked domestic freezer and write down what they took from the freezer. 
  • Key target customers are in the USA

Are you a Tasmanian business looking for a professional to help you manage an M&A transaction. Contact Evahan Managing Director and Principal Consultant Jason Bresnahan to explore how he can assist.

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