Release date: 2016-02-14
On-X manufactures heart valve replacement medical products and is developing a device called chord-X mitral valve repair. The Texas-based company had sales of $33 million last year.
CryoLife will pay about $91 million in cash through a new credit institution, and the remaining $39 million will be the equivalent of the company's stock. At the time of the announcement last month, CryoLife said it had received a five-year, $75 million term loan and a $20 million revolving loan from Capital One, Fifth Third Bank and Citizens Bank.
Pat Mackin, President, Chairman and CEO of CryoLife, said: "We believe this acquisition significantly expands CryoLife's service market and growth potential. The transaction will enable CryoLife to achieve an extremely high-end product portfolio and enter the $220 million mechanical heart valve market. The -X prosthetic heart valve has been successfully transplanted in more than 200,000 patients and has achieved a 13% compound growth rate in the past 4 years with relatively small marketing investment."
Mackin also said that the deal has at least doubled CryoLife's cardiac surgery sales in the United States and is expected to maintain a double-digit growth rate between 2016 and 2020. CryoLife's tissue valve business is well complemented by On-X's mechanical valve business.
Source: MASSDEVICE
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