The deal comes just weeks after Paris-based LimFlow won FDA premarket approval (PMA) for its breakthrough system to treat chronic limb-threatening ischemia (CLTI).
San Jose, California–based Inari said it expects to complete the acquisition by the end of 2023. Inari will pay $250 million in cash at closing, plus up to $165 million based on certain commercial and reimbursement milestones.
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Inari CEO Drew Hykes said the LimFlow acquisition “is closely aligned with our mission to address significant unmet patient needs and adds another highly differentiated growth platform into our portfolio.”
“We see the CLTI market as poised for durable growth, driven by compelling technology, outstanding clinical results, and multiple opportunities for expansion,” Hykes said in a news release. “As a minority investor and board observer in LimFlow since early 2022, we have seen firsthand the life-changing impact this technology has on patients, as well as how complementary our two businesses are.”
Other LimFlow investors include Sofinnova Partners, Bpifrance, M&L Healthcare Investments affiliate Balestier, Longitude Capital and Soleus Capital.
Dr. Martin Rothman and Tim Lenihan co-founded LimFlow and incubated it through MD Start.
“We are thrilled to join forces with Inari Medical, expanding the reach of our remarkable technology to bring renewed hope to patients who are currently suffering,” LimFlow CEO Dan Rose said in the news release. “Our heartfelt gratitude goes out to the exceptional LimFlow team, our dedicated clinical partners, and our investors who believed in our mission. Together, we eagerly anticipate advancing our shared vision of addressing crucial unmet needs in the realm of vascular disease.”
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