Surmodics (NSDQ:SRDX) announced that it acquired Vetex Medical, a developer and manufacturer of venous clot removal solutions.
Buying Galway, Ireland–based Vetex Medical provides Surmodics a second FDA-cleared device for its thrombectomy portfolio. Vetex designed the ReVene thrombectomy catheter to remove large, mixed-morphology blood clots commonly found with venous thromboembolism (VTE).
ReVene includes dual-action technology to efficiently remove a mixed-morphology clot in a single session to minimize the need for thrombolytics and without capital equipment, according to a news release.
Under the terms of the acquisition, Surmodics made an upfront payment of $39.9 million to acquire Vetex, with additional payments of up to $7 million — $3.5 million of which are guaranteed — potentially down the line upon the achievement of certain product development and regulatory milestones.
Eden Prairie, Minn.-based Surmodics funded the payment with cash on hand, plus $10 million from the company’s Surmodics’ $25 million revolving credit facility. The company said the acquisition will be dilutive on a GAAP and non-GAAP basis in fiscal 2021, becoming accretive on a non-GAAP basis beginning in the second half of fiscal 2023.
The company expects fiscal 2021 acquisition-related costs and acquired tangible asset amortization expense to range from 10¢ per share to 12¢ per share and will update its fiscal 2021 guidance during its third-quarter earnings announcement.
Surmodics said it plans to initiate clinical evaluation activities for the Pounce arterial thrombus retrieval system for removing clots in peripheral arteries in the second half of fiscal 2021. Clinical evaluation activities for ReVene are expected in fiscal 2022.
“This acquisition demonstrates our commitment to the expansion of our thrombectomy platform to remove thrombus in venous vascular beds, with an exciting technology that offers significant improvements over current therapies,” Surmodics president & CEO Gary Maharaj said in the release.
“Surmodics is now well-positioned with two ground-breaking, FDA-cleared mechanical thrombectomy devices to treat both arterial and venous thrombosis,” Maharaj said. “The synergies between the Vetex technology and their talented team, with our capabilities on our Pounce thrombectomy technology enables us to accelerate our thrombectomy platform development for the future treatment of pulmonary embolism (PE).”
