Vascular Solutions buys St. Jude's catheter for $3M
Vascular Solutions has acquired the Venture wire control catheter, a deflectable-tip catheter used to provide guidewire directional control in coronary and peripheral interventional procedures, from St. Jude Medical for $3 million.
The Venture catheter’s deflectable atraumatic distal tip can be angled up to 90 degrees. It is currently sold in U.S. and international markets in three versions–over-the-wire, rapid-exchange and coronary sinus–all of which are 6 French-compatible and directionally control a standard 0.014-inch guidewire, according to the Minneapolis-based Vascular Solutions.
The company also has acquired all of the remaining finished goods inventory of the Venture catheter for immediate transition of existing sales, and has acquired the manufacturing equipment to begin the process of restarting and qualifying production in its existing manufacturing facility. Vascular Solutions expects to complete the manufacturing qualification during the second quarter of 2013, at which time it plans to relaunch the device.
The total purchase price is $3 million, consisting of an upfront payment of $2.25 million and an additional payment of $750,000 upon successful qualification of the transitioned manufacturing processes. The purchase price is being financed with cash on hand. The deal is expected to be neutral to Vascular Solutions’ earnings this year.
The Venture catheter’s deflectable atraumatic distal tip can be angled up to 90 degrees. It is currently sold in U.S. and international markets in three versions–over-the-wire, rapid-exchange and coronary sinus–all of which are 6 French-compatible and directionally control a standard 0.014-inch guidewire, according to the Minneapolis-based Vascular Solutions.
The company also has acquired all of the remaining finished goods inventory of the Venture catheter for immediate transition of existing sales, and has acquired the manufacturing equipment to begin the process of restarting and qualifying production in its existing manufacturing facility. Vascular Solutions expects to complete the manufacturing qualification during the second quarter of 2013, at which time it plans to relaunch the device.
The total purchase price is $3 million, consisting of an upfront payment of $2.25 million and an additional payment of $750,000 upon successful qualification of the transitioned manufacturing processes. The purchase price is being financed with cash on hand. The deal is expected to be neutral to Vascular Solutions’ earnings this year.