Interventional radiology vendor Merit Medical to acquire device portfolio for $210M
Merit Medical is acquiring a portfolio of devices for $210 million, the Utah-based interventional radiology vendor announced Tuesday.
Cook Medical’s lead management business has been around for 34 years, providing a comprehensive selection of products used for the replacement or removal of pacemaker or implantable cardioverter-defibrillator leads.
Merit Medical plans to use cash on hand and borrowings from its long-term credit line to fund the deal, which it hopes to close in the fourth quarter.
“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,” CEO Fred P. Lampropoulos said in a statement.
Cook Medical’s lead management portfolio generated about $37 million in revenue in 2023, with most sales in the U.S. (41%) and Europe, the Middle East, India and Africa (42%). The transaction is still subject to approval by antitrust regulators and other closing conditions. If it clears these hurdles, Merit said it has signed a transition agreement with Cook Medical to provide manufacturing and other assistance over a two-year period. Lampropoulos and colleagues expect the new business to contribute revenue of between $4 million to $6 million in the final two months of 2024.
Founded in 1987, Merit Medical Systems Inc. develops, manufactures and distributes disposable medical devices used in interventional, diagnostic and therapeutic procedures across radiology, cardiology, oncology, critical care and endoscopy. The company also announced its $105 million acquisition of the rights to the EsophyX Z+ device from EndoGastric Solutions in July.
Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.