China-based Shandong Weigao Group Medical Polymer has agreed to acquire US-based Argon Medical Devices for around $850m.
Shandong Weigao has created a new joint venture (JV) through its subsidiary Weigao International for the acquisition of Argon.
Weigao International owns 90% interest in the new JV, while the remaining 10% stake is owned by Cayman Islands-based company controlled by a private equity firm.
With around 1,200 employees across the globe, Argon produces a range of medical devices for interventional radiology, vascular surgery, interventional cardiology and critical care procedures.
Argon’s product portfolio includes bone and bone marrow biopsy products, endomyocardial biopsy products, soft tissue and organ biopsy products, as well as transjugular liver biopsy products.
The company also produces fluid management systems, urology, vascular and vascular access products.
In February this year, Argon has completed the divestment of its critical care business to Merit Medical Systems.
The deal also included the acquisition of manufacturing facility in Yishun, Singapore and related commercial operations in Europe and Japan.
Argon said that it divested the business to focus on the interventional business across the globe.
In 2016, Argon acquired three vascular products from Rex Medical, including OptionELITE retrievable vena cava filter, Cleaner rotational thrombectomy system and UltraStream chronic hemodialysis catheter.
The deal included the acquisition of all associated intellectual property related to three products, which were earlier licensed and distributed by Argon through an exclusive agreement with Rex Medical.
Image: Shandong Weigao to acquire US-based Argon Medical Devices. Photo: courtesy of adamr / FreeDigitalPhotos.net.