Under the terms of the agreement, Endologix will acquire Nellix for $15m in stock at closing, plus additional milestone-based, stock payments of up to $39m.

The agreement also includes a commitment for a $15m equity investment in Endologix from Essex Woodlands Health Ventures, the majority shareholder of Nellix.

Nellix has developed a technology platform that completely seals and fills an aortic aneurysm sac, preventing device migration and improving clinical outcomes and allows the product to treat a wide range of AAA anatomies, including those that are outside of the indications for existing Endovascular Aortic Repair (EVAR) devices.

Endologix president and CEO John McDermott said that they believe Nellix is the most revolutionary EVAR technology in the world and will help position Endologix as the innovation leader in aortic aneurysm treatment.

“Nellix has developed a new technology that will allow more physicians to treat more patients than with any of the existing devices, potentially expanding the global market for EVAR,” McDermott said.

“The device also has exceptional clinical results and feedback from physicians is very positive, particularly as it relates to ease of use, effectiveness and versatility to treat both simple and complex aortic anatomies.”