Medical technology company Haemonetics has agreed to acquire US-based medical device company Cardiva Medical for an upfront cash payment of $475m.

Under the deal, Cardiva Medical will also receive an additional $35m in contingent consideration based on sales growth.

Based in Santa Clara of California, Cardiva Medical is involved in the development and commercialisation of advanced vascular closure technologies.

Cardiva’s portfolio consists of two catheter-based vascular access site closure devices

The product portfolio of Cardiva comprises two catheter-based vascular access site closure devices, including Vascade vascular closure system.

The Vascade system has been developed for small-bore femoral arterial and venous closure. It is commonly used in interventional cardiology and peripheral vascular procedures.

Vascade is claimed to be the only marketed closure device to significantly minimise access site complications versus manual compression.

Cardiva also offers Vascade MVP vascular closure system for mid-bore multi-access femoral venous closure. It is generally used in electrophysiology procedures.

Vascade MVP is said to be the only FDA approved closure device for use following cardiac ablation procedures requiring two or more access sites within the same vessel.

Both devices feature Cardiva’s advanced collapsible disc technology and a resorbable collagen patch to achieve hemostasis.

Haemonetics president and CEO Chris Simon said: “We are excited to add Cardiva’s vascular closure technology to our portfolio and look forward to welcoming their talented team.

“This acquisition immediately expands and diversifies our hospital offerings in the large and growing interventional cardiology and electrophysiology markets and aligns with our innovation agenda.”

Subject to customary closing conditions, the deal is expected to be completed in the first quarter of this calendar year.

Moelis is acting as financial advisor to Haemonetics, while DLA Piper as legal advisor. J.P. Morgan Securities is serving as financial advisor to Cardiva and Cooley as its legal advisor.

In April 2020, Haemonetics acquired German company enicor, which manufactures ClotPro next-generation whole blood coagulation testing system.