Chicago-based Madison Dearborn Partners has agreed to buy hospital therapy provider Ikaria Inc. in a deal that values the company at $1.6 billion, Bloomberg reports.
Ikaria “is very well positioned for continued strong growth by virtue of its critical therapy, longstanding relationships with hospital administration and exceptional management team,” Tim Sullivan, a managing director at Madison Dearborn, said in a statement from the buyout firm.
Madison Dearborn has done at least five deals this year, according to data compiled by Bloomberg. The Chicago-based private-equity firm in April agreed to buy insurance brokerage National Financial Partners Corp. for about $1.3 billion including debt. Madison Dearborn has an investment in preventive care provider Sage Products LLC, and previous health-care stakes include Team Health Holdings LLC and Valitas Health Services Inc., according to the firm’s website.