Merit Medical buys C2 Cryoballoon brand from Pentax Medical

South Jordan health care technology company Merit Medical Systems Inc. is acquiring the C2 CryoBalloon device brand and related technology from Pentax of America Inc., a subsidiary of Pentax Medical Inc.

Pentax of America is a distributor of surgical and other medical devices and products and is based in Montvale, New Jersey.

The transaction is expected to close before the end of the year.

“The proposed acquisition reflects Merit’s commitment to advancing minimally invasive solutions for gastrointestinal disorders. We’re excited to welcome new team members and expand our portfolio, empowering physicians to improve patient outcomes worldwide,” said Martha G. Aronson, Merit’s president and CEO.

Aronson said the acquisition is intended to strengthen Merit’s position in the gastroenterology market and provide opportunities to treat more patients suffering from the effects of chronic gastroesophageal reflux disease (GERD) and other gastrointestinal tissue disorders. The C2 CryoBalloon delivers controlled freezing treatments to drive targeted ablation and precise destruction of unwanted soft tissue.

“We believe this purchase will help our team optimize commercial activities in the multibillion-dollar gastroenterology market and provide physicians with more options to help care for their patients,” said Merit Chairman Fred P. Lampropoulos.

“C2 technology has been an exciting part of Pentax Medical’s journey since 2017. The C2 CryoBalloon holds promise across a range of therapeutic applications. We are pleased to announce that Merit will be the new home for C2, unlocking its potential,” stated Dominique Vincent, president of Pentax Medical. “With its expanding footprint in upper gastrointestinal treatments and deep expertise in the field, Merit is ideally positioned to accelerate C2’s growth, making it available to even more patients and clinicians worldwide.”

Merit intends to integrate the C2 CryoBalloon business into its endoscopy portfolio, complementing its existing products and customer base, the company explained. Over the next few months, Merit plans to transfer product manufacturing to its facility in South Jordan. Merit said some of the Pentax employees currently engaged in the C2 CryoBalloon business will be joining Merit in Utah.

Merit said it will acquire the C2 CryoBalloon assets from Pentax of America for $22 million, consisting of a $19 million cash payment at closing and potential contingent payments of up to $3 million payable upon meeting certain milestones.