Medical device and tissue processing company CryoLife has divested its HeRO Graft product line to Merit Medical Systems, for around $18.5m in cash.

The deal included the sale of worldwide marketing rights, customer relationships, intellectual property, equipment, and inventory related to the HeRO Graft product line.

CryoLife will continue to produce the HeRO Graft products up to six months under a transition supply agreement, after which Merit will involve in the manufacturing.

HeRO Graft products have generated revenue of around $7.5m, for the fiscal year 2015.

CryoLife president and CEO Patrick Mackin said: "The sale of the HeRO Graft product line will allow our commercial organization to have a greater focus on selling our expanded portfolio of cardiac surgery products.

"The HeRO Graft is a unique product within the dialysis continuum of care and it is proven to reduce bacteremia rates by 69% as compared to patients with tunneled dialysis catheters."

In January, CryoLife completed the acquisition of mechanical heart valve firm On-X Life Technologies Holdings, for about $130m.

Established in 1994, On-X Life includes three product divisions, comprising of heart valves product division, cardiac surgery product division and contract manufacturing product division.

With operations in around 75 countries, CryoLife produces and markets implantable living tissues and medical devices used in cardiac and vascular surgical procedures.