Baltimore Business Journal: Massachusetts public company buys startup with ties to UMB
Friday, May 1, 2020
A University of Maryland, Baltimore-born medical device startup that has been developing a kind of artificial lung was acquired by publicly traded health technology firm Abiomed.
Abiomed (NASDAQ: ABMD) announced Thursday its acquisition of Breethe Inc., a Maryland company based around technology that was spun out of UMB in 2014. The Massachusetts-based company, which produces heart pumps, reported annual revenue of $841 million in fiscal 2020, according to a recent earnings report, and has a market capitalization of $8.6 billion.
Financial terms of the deal were not disclosed. According to an Abiomed spokesperson, Breethe will operate as a subsidiary of Abiomed. All Breethe employees will keep their current positions and Abiomed will maintain the startup's Baltimore engineering and manufacturing presence, the spokesperson said in a statement to the BBJ.
Read the full story from the Baltimore Business Journal.