Volcano Corp. has announced it has signed an agreement to acquire Crux Biomedical, according to a news release.
Crux Biomedical, headquartered in Menlo Park, Calif., is focused on developing therapies for the human vasculature. It has developed an inferior vena cava filter — the Crux VCF System — to treat pulmonary embolisms.
Under terms of the agreement, Volcano will pay $36 million in cash at closing. Volcano will also pay up to approximately $3.1 million in Crux transaction expenses. The merger agreement also provides for a potential post-closing cash milestone payment of $3 million upon FDA clearance of a 510(k) application submitted by Volcano for a retrieval device currently being developed by Crux. In addition, Volcano may make additional cash payments for up to four years, based on sales of Crux products following their commercial launch.
"We are delighted to be adding the novel Crux VCF System, as well as Crux's other pipeline devices, to our innovative product portfolio. Our ability to provide this type of cutting-edge therapy furthers our leadership in the delivery of precision guided therapy and symbolizes our continued evolution from an intravascular imaging company to one that provides a wide variety of diagnostic and therapeutic solutions," said Scott Huennekens, president and CEO of Volcano, in the release.
The acquisition is expected to close within the next week.
Volcano Corp., a developer and manufacturer of therapy tools designed for the diagnosis and treatment of coronary and peripheral vascular disease, is headquartered in San Diego.
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