US-based medical device and tissue processing company CryoLife has completed the acquisition of mechanical heart valve firm On-X Life Technologies Holdings for about $130m.
Under the deal, announced in last December, CryoLife has paid 70% in cash and provided 30% in its common stock.
The acquisition allows CryoLife to enter into $220m mechanical heart valve market with first and only pure pyrolytic carbon valve.
Established in 1994, On-X Life includes three product divisions, comprising of heart valves product division, cardiac surgery product division and contract manufacturing product division.
The company produces artificial heart valve replacement and repair products.
It has FDA approved aortic and mitral prosthetic valves, which were implanted in around 200,000 patients across the globe.
The On-X aortic heart valve is claimed to be the only FDA approved mechanical valve, which was clinically proven to be safer with less anticoagulation.
At the time of acquisition, CryoLife said: "We believe this will be a transformative acquisition for CryoLife that will significantly enhance the size of our addressable market and growth potential."
With operations in around 75 countries, CryoLife produces and markets implantable living tissues and medical devices used in cardiac and vascular surgical procedures.
Image: CryoLife has acquired mechanical heart valve firm On-X Life Technologies. Photo: courtesy of stockimages / FreeDigitalPhotos.net.