The pharmaceutical industry has grown leaps and bounds in the last decade. It is one of the most important industry as it is responsible for developing drugs that help treat critical diseases and injuries. However, to stay ahead of the rising competition, pharma companies have come up with various business strategies.
LeMaitre Vascular, Inc., a company that focuses on producing modern devices for peripheral vascular disease, did a similar thing when it revealed that it now owns the biologic patch business of medical tech company Admedus.
As per reports, LeMaitre Vascular acquired Admedus’ unit for $15.5 million, of which $1.3 million is due in two post-closing installments while the remaining amount was paid at closing. Moreover, potential earnout payments of $7.8 million are payable depending upon the performance of the acquired business as well as other milestones.
Sources claim that the two companies have also inked a license agreement for the tissue processing technology which was limited to the VascuCel and CardioCel product lines, along with an agreement for transition services under which Admedus will maintain production for three years while LeMaitre Vascular successfully transitions the business to its U.S.-based headquarters.
Speaking on the move, Dave Roberts, President, LeMaitre Vascular, said that the company is pleased to incorporate the biologic patch to its product line, which would further build on the company’s biggest product line, XenoSure®.
Reportedly, LeMaitre Vascular had made a similar acquisition in 2018. The company had revealed the acquisition of Cardial’s assets, a subsidiary Becton, Dickinson & Company (BD) located in Saint-Étienne, France.
Moreover, the assets total valuation went up to €2.0 million, of which €1.1 million was in cash, €0.5 million was assumed as liabilities, and €0.4 million was of post-closing installments. Reportedly, Cardial’s product lines consisted of products like surgical glue, woven and knitted vascular grafts, and valvulotomes, which are currently sold by the company.
Speaking on which, Dave said that the company is delighted to expand its product offering and international footprint while broadening its product lines.