Swedish life science company AddLife AB has bought Austrian peer Biomedica Medizinprodukte GmbH, unit of rival Biomedica.

With the acquisition, AddLife formed a strong base in Europe as well as expanding its geographic market to about 164 million people.

Under the treaty, AddLife AB paid a total purchase price of 39 million euros ($44.3 million) for Biomedica, funded via its existing credit facilities and newly issued class B shares.

Swiss law firm Schellenberg Wittmer advised AddLife alongside Swedish rival Delphi on the transaction.