By Janee Law
Canon U.S.A. Inc. announced on Thursday that it has purchased a roughly 20-percent stake in T2 Biosystems for $40 million.
“We recognize that both T2 Biosystems and Canon U.S.A. are aligned in working towards the same goal and, as such, we are pleased to strengthen our relationship and look forward to bringing future innovative diagnostic products to market that can improve patient health,” Joe Adachi, chairman and CEO of Melville-based Canon U.S.A., stated. “Investments to companies like T2 is another example of Canon’s commitment in healthcare.”
T2, a Massachusetts health care technology company, works to develop innovative diagnostic products to improve patient health.
Canon paid the closing market price of $6.56 in a private placement share that closed Wednesday, giving the imaging company a 19.9 percent share of T2.
In February 2015, Canon U.S. Life Sciences, a wholly owned Maryland-based subsidiary of Canon U.S.A., began working with T2 to develop a diagnostic test panel for rapidly detecting Lyme disease.
“As part of our partnership with T2 Biosystems, we look forward to working with them on developing innovative diagnostic solutions in the future,” Melissa Moritz, director of internal and external communications in corporate communications division for Canon U.S.A., said on Monday. “We look to hopefully do further research and development of some early diagnostic unmet needs, as far as improving patient health.”
In addition, Canon has invested in diagnostic research previously, as indicated by Canon BioMedical, which is based in Melville. Can BioMedical was established to enhance organic and inorganic growth of molecular diagnostics business within the company.
“Canon has had an emphasis on growing our healthcare business and we started with working with T2 back in 2015 and then we also established our Canon BioMedical subsidiary,” Moritz said. “We are taking an interest in growing and looking to expand in the healthcare area.”
John McDonough, chief executive officer of T2 Biosystems, Inc., said the strong commitment the company receives from Canon will help strengthen the business and help bring new products to market.
He added, “We look forward to continuing our partnership with Canon.”