Merit Medical Systems has acquired US-based medical devices maker, Vascular Insights, in a deal valued at around $40m.
Based in Quincy of Massachusetts, Vascular Insights is engaged in the design, development and manufacturing and marketing of medical devices for the minimally invasive treatment of peripheral vascular disease.
The deal also includes the payment of additional milestone payments of up to $2om based on the achievement of certain sales targets.
Vascular Insights CEO James (Chip) Draper said: “This acquisition will allow ClariVein to reach more patients in more ways and in more places with the commitment to treat venous disease.”
ClariVein devices, which are the primary assets of the company, were developed for the treatment of the peripheral vasculature.
ClariVein IC and ClariVein OC specialty infusion and occlusion catheter systems are said to be used in over 120,000 cases to treat superficial venous diseases, specifically below the knee (BTK) and venous leg ulcers (VLU).
ClariVein IC system secured 510(k) clearance from the US Food and Drug Administration (FDA), while ClariVein OC system secured CE mark approval in the Europe. Both devices are issued with 43 patents across the globe.
Merit Medical Systems chairman and CEO Fred Lampropoulos said: “These products complement our existing peripheral intervention sales platform, add to our capability to provide many existing Merit products, such as our micropuncture and vascular access products, and increase our ability to customize the entire procedure for our customers.”
Merit Medical Systems provides disposable medical devices for use in interventional, diagnostic and therapeutic procedures, specifically cardiology, radiology, oncology, critical care and endoscopy.
In October this year, Merit Medical Systems also agreed to acquire California-based Cianna Medical, which developed the first non-radioactive and wire-free breast localization system.
The deal is comprised of an upfront payment of $135m, as well as potential earn-out payments of an additional $15m based on the achievement of supply chain and scalability metrics, and up to an additional $50m for achievement of sales milestones.