Samsung buys Nexus division of ITC

The acquisition is expected to be completed during the fourth quarter of 2011 but ITC Nexus Holding Company will continue business under the name ITC, Samsung said in an issued statement. Samsung did not disclose terms of the transaction. Nexus develops, manufactures and markets the Cardiac STATus, DECISION Point and VYENT line of rapid test kits that aid in the diagnosis and monitoring of several cardiovascular diseases. Under the deal it will continue to operate from its San Diego, California headquarters and become part of Samsung's HME division which focuses on developing and bringing to market technological solutions for the healthcare industry, the company said. "This investment represents an exciting opportunity to strengthen Nexus' technological capabilities while enabling Samsung to compete in the cardiac point-of-care testing market," said Yong-chu Bang, Vice President of Samsung Electronics' Health and Medical Equipment (HME) business team. "We welcome the expertise that Nexus brings and believe this partnership will play a vital role in helping Samsung to position itself as a global leader in healthcare technology."