Merit Medical Systems Inc., a South Jordan-based health care technology company, has acquired Biolife Delaware LLC in a merger transaction through which Biolife has become a wholly owned subsidiary of Merit.
Biolife, which is headquartered in Sarasota, Florida, manufactures patented hemostatic devices under the brand names StatSeal and WoundSeal.
The aggregate transaction price, paid in cash and assumption of Biolife liabilities, was approximately $120 million. The acquisition positions Merit to offer medical providers with more products designed to standardize, simplify and minimize post-procedure care and maintenance, the company said.
Many Merit products operate through small openings in the skin that require efficient solutions to stop bleeding, help patients recover and minimize costly complications. In such cases, StatSeal specifically works with the patient’s blood to rapidly form a protective seal over the procedure site. Adding StatSeal to Merit’s hemostasis portfolio is intended to provide health care partners with an additional effective solution that complements a wide range of procedures, including interventional radiology and cardiology, dialysis, electrophysiology, biopsy and drainage, according to Merit’s announcement of the acquisition.
“We are excited to enhance the portfolio of hemostatic solutions offered to clinicians with the acquisition of Biolife,” said Fred P. Lampropoulos, Merit’s chairman and CEO. “The acquisition provides effective, differentiated, hemostatic solutions for all percutaneous devices with a broad range of clinical applications. BioLife’s StatSeal and WoundSeal products address an estimated $350 million global market opportunity.”
Founded in 1987, Merit Medical develops, manufactures and distributes proprietary medical devices used in interventional, diagnostic and therapeutic procedures, particularly in cardiology, radiology, oncology, critical care, and endoscopy. Merit employs approximately 7,300 people worldwide.