Amsino International has acquired medical-device manufacturer MedXL’s real estate and other assets through a court-monitored sales process.

Pomona, Calif.-based Amsino purchased MedXL’s the assets through a plan of arrangement filed in the Superior Court of Quebec in accordance with the Canadian Companies’ Creditors Arrangement Act. The purchase price was not disclosed.

FTI Consulting acted as the court-appointed monitor for the transaction. The sale resulted after senior creditors petitioned MedXL into bankruptcy protection in July. According to an FTI court filing, 48 prospective buyers participated in the sale and investment solicitation process.

The acquisition includes the MedXL manufacturing plant in the Montreal suburb of Pointe-Claire, Que., where the company is based, as well as intellectual property, manufacturing equipment, and product registrations in approximately 60 countries.

The deal was completed via a reverse vesting order, a restructuring process that allows a debtor to create a new company and, with court approval, transfer assets unwanted by the purchaser into it. Amsino acquires 100% of newly created MedXL shares while all previous shares were cancelled. This process effectively gives Amsino full ownership of MedXL’s operations and assets.

MedXL, founded in 1992, specializes in manufacturing drug-delivery systems such as prefilled syringes used in intravenous drug therapy. Its facilities include multiple high-speed production lines and a distribution centre, all certified by the U.S. Food and Drug Administration and Health Canada and registered in global markets.

“The acquisition aligns perfectly with our reshoring strategy to expand our manufacturing footprint to better serve customers in North America,” Richard Lee, chairman and CEO of Amsino, in a news release. “Given today’s geopolitical environment and the uncertainties the industry is facing, onshore manufacturing increasingly aligns with many of our customers’ supply-chain resiliency strategies.”

Jeff Reid, Amsino’s president for North America, said the company will immediately have both onshore and offshore plants to manufacture existing and new prefilled syringes with an annual combined capacity of more than 500 million units.

The court has extended a stay of proceedings until January 23, 2025, to protect Amsino from lawsuits while the transaction is finalized. The stay will allow Amsino to designate any contracts that were not assumed as part of the deal and facilitate the distribution of proceeds from the transaction, according to FTI.

Amsino said the acquisition strengthens its position in the global medical-device market, enhancing its ability to meet growing demand for high-quality healthcare products.