Symmetry Surgical Acquires Vesocclude Medical for USD 4.0m.
31 August 2015 - US-based surgical instrument maker Symmetry Surgical Inc. (NASDAQ: SSRG) has acquired key assets of Vesocclude Medical, LLC (Vesocclude), including its product portfolio of titanium ligation clips and appliers, customer relationships and intellectual property for USD 4m, the company said.
The agreement also includes USD 2.2m in potential payments based on the achievement of milestones related to new product commercialisation, as well as distribution rights for the new products and additional rights for a future acquisition.
Vesocclude's ligation clips and appliers are used in surgical procedures to close tubal anatomic structures such as blood vessels or ducts.
The portfolio consists of several sizes of titanium clips used to close the structures, which come loaded in a patented "push and click" cartridge system that facilitates easy loading into either open surgical or endoscopic appliers.
In the Last Twelve Months, Vesocclude generated USD 3.2m in proforma revenue and USD 0.5m in proforma EBITDA.
Symmetry Surgical has represented the Vesocclude portfolio as one of its Alliance products since 2010 in select territories globally.
Following the acquisition, Symmetry Surgical plans to augment its sales force with the addition of the established Vesocclude sales network, which will enable it to more effectively cover portions of the US and international marketplace.
Symmetry Surgical will transition the Vesocclude business operations and distribution from Vesocclude's current Raleigh, NC, facilities to its headquarters in Nashville, TN; and will maintain a product development center in Raleigh with existing Vesocclude employees.
Target: Vesocclude Medical, LLC
Buyer: Symmetry Surgical Inc
Deal size in USD: 4m
Type: Corporate Acquisition
Financing: Cash and Stock
Buyer advisor: , ,
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|Publication:||M & A Navigator|
|Date:||Aug 31, 2015|
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