Disposable devices maker Merit Medical Systems has acquired US-based Brightwater Medical in a deal worth around $50m (£39.8m).
Image: Merit Medical has acquired US firm Brightwater Medical. Photo: courtesy of rawpixel from Pixabay.
The deal is comprised of a $35m (£27.9m) upfront payment and potential earn-out payments of around $15m (£11.9m) based on receipt of CE mark approval and achievement of future sales targets.
Based in Temecula of California, Brightwater Medical has developed ConvertX stent family, which will help treat interventional radiology and interventional oncology patients.
ConvertX is a single device developed for the replacement of a series of devices and procedures used to treat severe obstructions of the ureter.
The system will be implanted once and converted from a nephroureteral catheter to a nephroureteral stent without using sedation or local anesthesia.
Recently, Brightwater has secured approval from the US Food and Drug Administration (FDA) for the ConvertX biliary stent system.
Merit Medical plans to maintain Brightwater Medical’s production capabilities in Temecula before transferring the ConvertX manufacturing operations to its Pearland facility over the next several months.
Merit Medical chairman and CEO Fred Lampropoulos said: “The ConvertX system is designed to reduce multiple visits to the hospital, saving patients the risk and discomfort of a second interventional procedure while allowing additional utilization of facilities.
“The ConvertX system complements Merit’s Resolve drainage catheter portfolio and potentially drives pull-through of other Merit products such as InQwire guide wires, Advocat PTA balloons and other vascular products.”
Established in 1987, Merit Medical is involved in the development, manufacturing and distribution of disposable medical devices used in interventional, diagnostic and therapeutic procedures, specifically in cardiology, radiology, oncology, critical care and endoscopy.
With around 6,300 employees, Merit has facilities in South Jordan of Utah, Richmond of Virginia, Malvern of Pennsylvania, Rockland of Massachusetts, San Jose and Aliso Viejo of California, Maastricht and Venlo of Netherlands.
The company also operates facilities in Paris of France, Galway of Ireland, Beijing of China, Tijuana of Mexico, Joinville of Brazil, Markham of Ontario in Canada, Melbourne of Australia, Tokyo of Japan, Reading of UK, Johannesburg of South Africa and Singapore.