Under the deal, Inari will pay $250m in cash upon closing and LimFlow will be able to receive additional cash payments, up to $165m, based on specific commercial and reimbursement milestones
CLTI is a severe form of peripheral artery disease. (Credit: Nguyễn Hiệp on Unsplash)
US-based Inari Medical has agreed to buy LimFlow, a company focused on limb salvage surgeries for patients with chronic limb-threatening ischemia (CLTI).
LimFlow is a private, venture-backed medical device company for CLTI, a severe form of peripheral artery disease (PAD).
Its minimally invasive LimFlow System is intended for CLTI patients who are suffering from major amputation and have used all other therapeutic options.
The system evades blocked arteries in the leg and provides oxygenated blood back into the foot through the veins in patients.
Inari CEO Drew Hykes said: “The acquisition of LimFlow is closely aligned with our mission to address significant unmet patient needs and adds another highly differentiated growth platform into our portfolio.
“We see the CLTI market as poised for durable growth, driven by compelling technology, outstanding clinical results, and multiple opportunities for expansion.”
As per the terms of the deal, Inari will pay $250m in cash upon closing.
LimFlow will also be able to receive additional cash payments, up to $165m, based on specific commercial and reimbursement milestones, for a total potential transaction value of up to $415m.
The deal is anticipated to be closed in Q4 2023, subject to customary closing conditions.
LimFlow CEO Dan Rose said: “I am incredibly proud of the LimFlow team and our clinical investigators who have developed our novel solution that can provide a better life to CLTI patients.
“By joining with Inari and benefitting from their exceptional resources and capabilities, we expect to be well-positioned to increase access to our technology and advance our shared mission of creating better outcomes for patients.”
It is anticipated that patients will have more access to LimFlow’s LimFlow System for Transcatheter Arterialisation of the Deep Veins (TADV) following its acquisition by Inari Medical.
LimFlow’s TADV device was approved by the US Food and Drug Administration (FDA) in September based on the PROMISE 2 study’s positive outcomes.