Surmodics, a provider of medical device and in vitro diagnostic technologies, has acquired Irish medical device developer Vetex Medical for an upfront payment of $39.9m.

The deal will also include additional payments of up to $7m, of which $3.5m will be paid based on the achievement of certain product development and regulatory milestones.

Based in Galway, Vetex Medical is engaged in the development of venous clot removal solutions.

The acquisition will allow Surmodics to expand its thrombectomy portfolio with the addition of a ReVene mechanical thrombectomy catheter.

The ReVene catheter, which secured 510(k) clearance from the US Food and Drug Administration, will help remove large and mixed-morphology blood clots generally found with venous thromboembolism (VTE).

The dual action of ReVene catheter enables to remove mixed-morphology clot in a single session, thereby helping to avoid the use of thrombolytics.

Surmodics president and CEO Gary Maharaj said: “Surmodics is now well positioned with two ground-breaking, FDA-cleared mechanical thrombectomy devices to treat both arterial and venous thrombosis.

“The synergies between the Vetex technology and their talented team, with our capabilities on our Pounce thrombectomy technology enables us to accelerate our thrombectomy platform development for the future treatment of pulmonary embolism (PE).”

Surmodics is planning to begin clinical evaluation of the Pounce arterial thrombus retrieval system in the second half of this fiscal year. The system will be used for the removal of clot in peripheral arteries.

The company will also commence clinical assessment of ReVene thrombectomy catheter for removal of clot from veins in fiscal 2022.

Headquartered in Eden Prairie, Minnesota, Surmodics offers surface modification technologies for intravascular medical devices, as well as chemical components for in vitro diagnostic (IVD) immunoassay tests and microarrays.