KKR- and Hildred-backed Sapphiros and binx health combine into Onvaro

Sapphiros, backed by investment funds managed by KKR, and binx health, backed by health care-focused private equity firm Hildred, have combined to form Onvaro, a diagnostics company focused on fast, accurate and affordable point-of-need testing. KKR's Health Care Strategic Growth strategy, Hildred and EQT Life Sciences are investing capital to support Onvaro's growth.

Onvaro combines binx health's FDA-cleared, CLIA-waived platform and national commercial network with Sapphiros' printed electronics, blood collection technology, manufacturing capabilities and product pipeline. The companies say the combination will serve retail, at-home and other decentralized testing channels, and Onvaro is developing a connected diagnostics layer to link test results with providers, telehealth platforms and pharmacies.

Mike Karsonovich, who has led binx health, will be chief executive of Onvaro. Namal Nawana, founder of Sapphiros, will serve as lead director. Ali Satvat, global head of Health Care Strategic Growth at KKR, said the combined business offers more than either company could deliver alone. No deal value was disclosed.