Thursday, June 26, 2008

Former Cytyc execs Sullivan, Levangie to lead Warburg-backed firm

By Mass High Tech Staff

Private equity investor Warburg Pincus and two former Cytyc Corp. executives have formed a Boston-based firm, Constitution Medical Investors Inc., to serve as a vehicle to make acquisitions in the health-care sector, the partners announced.

The former Cytyc executives in charge of the new investment fund are Patrick Sullivan, a former chief executive of Marlborough-based Cytyc, and Daniel Levangie, who was the medical technology company’s executive vice president and head of its surgical products division. Sullivan was most recently chairman of Hologic Inc. (Nasdaq: HOLX), the Bedford medical devices firm which acquired Cytyc in October 2007. Levangie is currently a director of Hologic.

Constitution Medical says it plans to acquire health care-related technologies and companies. It was not disclosed how much capital Warburg Pincus has committed to the fund. 

Warburg Pincus is a global private equity investor with offices in the United States, Europe and Asia. The firm says it has invested more than $29 billion in more than 600 companies around the world, including $6.6 billion invested in health care-related concerns.

Sullivan announced in May he would resign from his post as chairman of Hologic. Hologic CEO Jack Cumming has taken on the added role of company chairman.