The deal included an upfront payment of €18m, as well as up to €12m based on achievement of revenue and value-creating operational milestones.

Founded in 2006, Creagh Medical is involved in developing and marketing percutaneous transluminal angioplasty (PTA) balloon catheters.

The acquisition will enable SurModics to provide whole-product solutions to medical device customers in the interventional vascular market.

Creagh Medical provides product design and development, in-house extrusion, balloon forming, top-assembly and packaging services.

Its PTA products are approved across the globe, including Europe, the US and Japan.

SurModics president and CEO Gary Maharaj said: "We are excited about the acquisition of Creagh Medical and the strategic fit of its balloon catheter design and development, and manufacturing capabilities, which are critical to our transformation into a whole-product solutions provider.

"We are disciplined in our approach for acquisitions, recognizing that these investments must align with our strategic vision and accelerate our transformation. Creagh Medical’s capabilities are a strategic complement to our proven core technology."

SurModics provides surface modification coating technologies that impart lubricity, prohealing and biocompatibility characteristics and components for in vitro diagnostic test kits and microarrays.