HITEck Medical is buying falcon Medical Instruments for $3.6 million to expand its portfolio of medical instruments.
The medical device manufacturer will use the new acquisition to focus on the development of its line of medical devices and other medical products, Hitek Chief Executive Officer Mike Sperry said in a statement.
“Falcon Medical has a strong and valuable product portfolio in the medical devices space,” Spery said.
“Its highly-recognized brand is synonymous with innovative solutions for the modern day medical needs of the American public.
Our acquisition of falcon will further enhance our focus on providing high-quality medical devices to our customers.”
The company, which has been a leader in the consumer medical devices market for nearly 20 years, said it would be announcing the acquisition on its earnings call this afternoon.
The deal comes just a few weeks after the company announced it would shut down its falcon business.
The company has also struggled to grow its business.
It has struggled to attract and retain key employees.
The last quarter saw its earnings fall.
The company has raised more than $400 million in financing and has been expanding its operations.
The deal is expected to close in the second quarter.