A Limerick-based medical technology company founded just three years ago has been sold for about $150 million (€117 million).

New York Stock Exchange- listed Becton Dickinson (BD) acquired GenCell Biosystems, founded by 34-year-old Kieran Curran, on Monday.

The privately owned Irish company had raised €6 million to date from backers including Enterprise Ireland and investors based in Ireland, Switzerland, Monaco, Singapore and the United States to develop its technology.

Corporate financier Donal O'Connell of Pegasus Capital advised the Irish company on the sale, which represents a 20-fold return on capital invested.

GenCell has developed a state-of-the art sequencing technology that allows labs analyse DNA more quickly and cheaply than its competitors’ products. The company won the 2013 Society of Laboratory Automation and Screening new-product award.

BD, which has a market capitalisation of $24 billion, said it could not disclose the acquisition price “at this time” but would do so in its next quarter earnings calls.

“We are excited with the GenCell Biosystems acquisition as it provides BD entry into the next-generation sequencing market, a fast-growing segment with the potential to have a significant impact on healthcare,” said BD group president Linda Tharby.

Mr Curran said he could not comment on the sale price. “All I can say is it is a good outcome for founders, investors and staff,” he said.

He said he planned to stay with the company as Ireland director of genomics and added that BD was committed to Limerick. He said he expected BD would invest further there.

Working with BD would allow GenCell’s technology to be scaled up rapidly as well as allow the company to invest further in innovation, he said.

Mr Curran said the expertise of fellow directors James Walsh and Richard Hubbard had helped the company grow. "I'm a keen supporter too of EI [Enterprise Ireland] and what they do . . . [and] we owe an awful lot to our staff."

GenCell employs 60 people in Limerick and Wisconsin.