Medical device and tissue processing company CryoLife has agreed to acquire Germany-based Jotec for about $225m.
As per terms of the deal, CryoLife will pay 75% in cash, in addition to issuing 25% of its common stock to Jotec shareholders.
Based in Hechingen, Jotec is engaged in the development, production and marketing of medical devices for aortic and peripheral vascular disease.
The company’s product portfolio includes conventional vascular grafts and interventional implants for vascular and cardiac surgery and radiology and cardiology.
Its products include thoracic stent grafts, abdominal stent grafts and peripheral stent grafts, as well as interventional accessories.
In addition, Jotec’s surgical portfolio includes ePTFE vascular grafts and polyester grafts.
The acquisition will allow CryoLife to expand its presence in the endovascular surgical market.
Subject to customary closing conditions, the deal is expected to complete later this year.
CryoLife president and CEO Pat Mackin said: “Jotec has a technologically differentiated product portfolio addressing the $2bn global market for stent grafts used in endovascular and open repair of aortic diseases.
“Their advanced product portfolio has allowed them to achieve a 17% revenue CAGR over the past five years, significantly outpacing the growth in the overall European market.”
Jotec CEO Thomas Bogenschütz said: “CryoLife is ideally positioned to accelerate adoption of our products through its highly complementary and global cardiac and vascular surgery business.”
Based in suburban Atlanta of Georgia, CryoLife produces, processes and distributes medical devices and implantable living tissues used in cardiac and vascular surgical procedures.
Image: CryoLife to acquire Germany-based Jotec. Photo: courtesy of adamr / FreeDigitalPhotos.net.