Merit Medical announces acquisition of Brightwater Medical
Merit Medical Systems, a medical device company based out of South Jordan, Utah, has acquired Brightwater Medical. The deal was for an initial payment of $35 million, though it could potentially include another $15 million if certain sales and marketing goals are realized.
Temecula, California-based Brightwater Medical is known primarily as the manufacturer of ConvertX, an FDA-approved device used when treating patients with severe ureter obstructions.
“The ConvertX system is designed to reduce multiple visits to the hospital, saving patients the risk and discomfort of a second interventional procedure while allowing additional utilization of facilities,” Fred P. Lampropoulos, chairman and CEO of Merit Medical, said in a prepared statement. “The ConvertX system complements Merit’s Resolve drainage catheter portfolio and potentially drives pull-through of other Merit products such as InQwire guide wires, Advocate PTA balloons and other vascular products.”
Merit Medical aims to continue producing the solution in California while also beginning operations within its Pearland, Texas, facility.
“We believe our ability to align this product with our existing sales force calling on interventional radiologists, as well as growth in markets outside the United States will allow for future growth,” Lampropoulos said in the same statement.
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