Medical technology company Getinge has completed the acquisition of Paragonix Technologies, a developer and manufacturer of organ transplantation and preservation technology.

Valued at an estimated $477m, the deal was announced in August 2024.

The transaction, which includes upfront payments and estimated earn-outs, has met all conditions and was finalised.

Getinge paid approximately $253m in cash upon completion, with the remaining earn-out payments contingent on future regulatory and financial milestones.

This strategic move combines Paragonix's products and pipeline with Getinge's expertise in acute heart and lung support, digital technologies, and services, enhancing the combined portfolio for the global transplant market.

In a press statement, Getinge said: “As close to 100% of Paragonix Technologies’ sales are in the US, there is untapped global potential. Getinge and Paragonix can capture global demand growth together, supported by Getinge’s global commercial infrastructure.”

Paragonix Technologies is engaged in developing, manufacturing, and providing services in the organ transplant industry.

The company’s Paragonix Advanced Organ Preservation devices combine stable cooling techniques with digital tracking and monitoring technologies to provide control and oversight for clinicians throughout the donor organ journey.

Paragonix marks one of the first three investments from Signet’s new investment fund, Signet Healthcare Partners Fund V (Fund V), which invests in commercial-stage pharmaceutical and medical device companies.

Paragonix board director and Signet managing director Ashley Friedman said: “Paragonix has established itself as a leader in the field, and with Getinge's global reach and resources, we are confident they will continue to drive innovation and improve the lives of transplant patients worldwide."