Deal summary reprinted from Strategic Transactions - March 2009
Merit Medical Systems (single-use interventional and diagnostic devices) is acquiring privately held Alveolus for $19mm, more than twice the nonvascular stent company's revenues for the twelve months ending January 31, 2009. Merit will pay $16mm upon deal closing and the rest in portions over the next two years.
Merit buys nonvascular stent maker Alveolus for $19mm
Deal summary reprinted from Strategic Transactions - March 2009
The transaction--which includes inventory, IP, receivables, and manufacturing equipment--significantly expands Merit's presence in the respiratory and gastroenterology fields via Alveolus's nonvascular interventional stents for malignant pulmonary and GI obstructive lumen diseases. Merit can now tap these markets--which it believes are worth an estimated $200mm--with Alveolus's hybrid tracheobronchial product Aero, esophageal system Alimaxx-E, and biliary tract stent Alimaxx-B. These devices are 510(k)- and CE-cleared and combine advantages of metal and silicone stents. Alveolus also sells Maxxwire, an endoscopic guidewire, and the tracheobroncial stent sizing device Aerosizer, and it brings Merit a vascular and nonvascular nitinol stent discovery platform. Industry sources report that Alveolus, which was founded in 2001, has a total of $42mm in venture financing, including $7mm that its former president raised from individuals and angel investors to start product development plus $26mm through B and C rounds. The same day it announced the Alveolus takeover, Merit simultaneously acquired two gastroenterology accessories from Hydromer's Biosearch Medical Products division for $1.6mm. Merit's management says that the anticipated combined revenues from these deals will be $11.8 million for the ten months ending December 31, 2009.
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