LeMaitre Vascular, Inc. (Nasdaq: LMAT), announced that it has acquired the biologic patch business of Admedus Ltd (ASX: AHZ) for $15.5 million, of which $14.2 million was paid at closing and $1.3 million is due in two post-closing installments, as well as potential earnout payments of $7.8 million payable based upon performance of the acquired business as well as other milestones. The parties also signed a license agreement for the tissue processing technology limited to the CardioCel and VascuCel product lines and a transition services agreement under which Admedus will continue to manufacture the products for up to three years while LeMaitre Vascular transitions manufacturing to its US headquarters. LeMaitre Vascular will not take ownership of the Admedus factory in Perth, Australia.
The acquired patches, marketed under the brands CardioCel® and VascuCel®, are processed in a manner that is intended to reduce the risk of calcification. Annualized 2019 sales of these product lines were $7.1 million, mostly in the US and Europe.
Dave Roberts, LeMaitre Vascular’s President, commented, “We are pleased to add this next-generation biologic patch to our product offerings and to build on the success of our largest product line, XenoSure®.”
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Guidance on how this acquisition may affect LeMaitre Vascular’s 2019 revenue, operating income and EPS expectations will be provided at the Company’s Q3 2019 earnings call on October 23, 2019.
Source: GlobeNewswire