The deal is comprised of 70% in cash and 30% in CryoLife common stock.

On-X Life produces artifical 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.

CryoLife president and CEO Patrick Mackin said: "We believe this will be a transformative acquisition for CryoLife that will significantly enhance the size of our addressable market and growth potential.

"This transaction will provide CryoLife access to the $220m mechanical valve market with a highly advanced portfolio of products."

On-X Life Technologies Holdings president and CEO Clyde Baker said: "On-X is extremely excited to join forces with CryoLife and we believe CryoLife is well suited to take the On-X business to the next level."

Subject to the satisfaction of customary closing conditions, the deal is expected to complete in January 2016.

Based in Atlanta of Georgia, CryoLife is involved in the manufacturing, processing, and distribution of implantable living tissues and medical devices used in cardiac and vascular surgical procedures.

The company markets its products in around 75 countries across the globe.

Image: CryoLife to acquire mechanical heart valve company On-X Life Technologies. Photo: courtesy of stockimages / FreeDigitalPhotos.net.