Merit Medical Systems Inc. of South Jordan, a manufacturer and marketer of primarily disposable medical devices, has acquired Vascular Insights LLC, based in Quincy, Massachusetts. Vascular Insights develops and markets catheter systems for the treatment of venous diseases.
The purchase price includes an immediate $40 million cash payment and up to an additional $20 million if certain sales targets are achieved. The deal will close as soon as regulatory requirements are met.
“We have had our eye on these products for some time,” said Fred P. Lampropoulos, Merit’s chairman and CEO. “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. Additionally, our global sales footprint allows for expansion of sales in previously underserved areas.”
“We are excited to reach this agreement with Merit,” said James (Chip) Draper, CEO of Vascular Insights. “This acquisition will allow (Vascular Insights product) ClariVein to reach more patients in more ways and in more places with the commitment to treat venous disease.”
“I am thrilled that Merit and ClariVein will bring transformative relief to millions of venous disease sufferers worldwide, especially those suffering from debilitating venous leg ulcers,” said Dr. Michael Tal, inventor of the ClariVein systems and co-founder of Vascular Insights.
Parr Brown Gee & Loveless provided legal counsel to Merit. SunTrust Robinson Humphrey served as the financial advisor to Merit.
Founded in 1987, Merit Medical Systems is engaged in the development, manufacture and distribution of proprietary disposable medical devices used in interventional, diagnostic and therapeutic procedures, particularly in cardiology, radiology, oncology, critical care and endoscopy.
Merit employs approximately 5,600 people worldwide.