Ascyrus Medical Dissection Stent is said to be the world’s first aortic arch remodeling device to treat acute type A aortic dissections
Cardiac and vascular surgery company CryoLife has acquired US-based Ascyrus Medical in a deal valued at around $200m.
Based in Florida, the company has developed Ascyrus Medical Dissection Stent (AMDS), which is said to be the world’s first aortic arch remodeling device to treat acute type A aortic dissections.
The design of the AMDS will enable to quickly deploy graft in the aortic arch during a standard replacement of the ascending aorta, helping to add less than five minutes to the procedure time.
Ascyrus secured CE mark approval to market the AMDS in Europe, as well as Health Canada approval to supply in Canada.
According to the company, the AMDS was demonstrated to reduce mortality, complications and reoperations compared to the standard of care in the clinical trial supporting the CE mark and Health Canada approvals.
The acquisition of AMDS device will enable CryoLife to further strengthen its presence in the aortic repair market
The acquisition of AMDS will allow CryoLife to further strengthen its presence in the aortic repair market, as well as create cross-selling opportunities with its CryoLife’s existing Jotec portfolio, BioGlue and On-X products.
As per terms of the deal, Ascyrus Medical will secure an $80m upfront payment, including $60m in cash and $20m in CryoLife common stock.
The deal will include an $80m upfront payment, including $60m in cash and $20m in CryoLife common stock.
The transaction will also comprise up to $120m in milestone payments, including $20m upon US IDE approval that consists of $10m in cash and $10m in CryoLife common stock.
It also includes $25m upon US PMAS, $10m upon Japan approval on or before 30 June 2027, and $10m upon China approval on or before 30 June 2027.
CryoLife will pay up to $55m based on two times non-European based incremental sales in the 36 months subsequent to US FDA approval.
CryoLife chairman, president and CEO Pat Mackin said: “We believe the addition of the AMDS to our product offerings will make a meaningful contribution to our future growth as it gives us immediate access to the combined $100+ million EU and Canadian markets and has the potential to expand our worldwide addressable market by approximately $540m.”
In October 2017, CryoLife agreed to acquire Germany-based Jotec, which is engaged in the development, production and marketing of medical devices for aortic and peripheral vascular disease.