AngioDynamics has announced it will acquire Vortex Medical, according to a news release.
Vortex, based in Norwell, Mass., focuses on the development of medical devices for the removal of thrombus from occluded blood vessels.
Under the terms of the agreement, AngioDynamics will acquire Vortex Medical for $15 million plus future earn out payments based on net sales of Vortex's AngioVac system over a 10 year period.
"The agreement to acquire Vortex further demonstrates our strategy to focus our investments on innovative, differentiated products that offer the potential for sustainable, profitable growth," said Joseph DeVivo, president and CEO of AngioDynamics, in the release. "The AngioVac system has the potential to become a gold standard of care. Unlike currently available pharmacomechanical alternatives, the minimally invasive, en bloc removal of intravascular material has the potential to reduce the risk of complications associated with major open surgery, internal bleeding and clot fragmentation. We believe the AngioVac system presents opportunities for wide anatomical application, and has the potential to significantly improve patient outcomes and to reduce the overall cost of providing treatment. Within five years, we believe AngioVac has the potential to achieve more than $50 million of annual net revenue."
The acquisition of Vortex is expected to close by the end of October 2012.
AngioDynamics is headquartered in Latham, N.Y.
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