The Hero graft put up $7.5 million in sales for CryoLife last year, the Atlanta-based company said. The deal calls for CryoLife to continue manufacturing the device for up to 6 months, when Salt Lake City-based Merit will take over production.
“The recent acquisition of On-X Life Technologies strengthened our strategic focus on aortic and mitral valve repair and replacement surgery. The transaction more than doubled our U.S. cardiac surgery sales force. The sale of the Hero graft product line will allow our commercial organization to have a greater focus on selling our expanded portfolio of cardiac surgery products,” chairman, president & CEO Pat Mackin said in prepared remarks.
“We believe this transaction represents a positive opportunity for both companies. The Hero graft is a unique product within the dialysis continuum of care and it is proven to reduce bacteremia rates by 69% as compared to patients with tunneled dialysis catheters. Merit has a complementary portfolio of vascular access and dialysis-related products, with corresponding customer relationships, putting them in a strong position to broaden Hero graft access for patients with end-stage renal disease,” Mackin said.
COO/CFO Ashley Lee said CryoLife plans to use the proceeds to pay down some of the $75 million term loan it took out for the $130 million acquisition of On-X.
The post CryoLife deals Hero graft to Merit Medical for $19m appeared first on MassDevice.
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