Merit Medical to buy lead management portfolio of Indiana-based Cook Medical

South Jordan-based medical technology company Merit Medical Systems Inc. has signed an asset purchase agreement to purchase Cook Medical’s lead management portfolio for a total cash consideration of approximately $210 million. Cook Medical is a Bloomington, Indiana-based developer of catheters, needles and wire leads for endoscopy, urology and gynecology surgeries.

Merit said it will fund the transaction through a combination of cash on hand and borrowings under its long-term credit facility. The closing of the acquisition is expected to occur during the fourth quarter of this year, subject to customary closing conditions.

Cook Medical’s lead management business has 34 years of operating history and provides a comprehensive end-to-end product portfolio of medical devices and accessories used in lead management procedures for patients who need a pacemaker or an implantable cardioverter-defibrillator lead removed or replaced.

“This transaction is consistent with our continued growth initiatives and positions Merit to offer clinicians an increasingly comprehensive set of solutions to support cardiac intervention patients, from diagnosis, to therapy and intervention, to post-procedure care,” said Fred P. Lampropoulos, Merit’s chairman and CEO. “We believe this transaction will strengthen our fast-growing, high-margin electrophysiology and CRM business with the addition of differentiated products and an established commercial infrastructure.”

Lampropoulos said that the assets it proposes to acquire from Cook Medical generated approximately $37 million of revenue over the 12-month period ending Dec, 31, 2023.