Medical coatings specialist SurModics Inc. (Eden Prairie, MN) announced today that it has acquired Ireland-based Creagh Medical Ltd. (Ballinasloe), a developer and manufacturer of percutaneous transluminal angioplasty (PTA) balloon catheters. The approximate purchase price of $32 million includes an upfront payment of $19 million, and up to $13 million based on achievement of revenue and value-creating operational milestones. Other terms of the agreement were not disclosed. The acquisition is described by SurModics, a supplier of coating technologies to medical device OEMs, as a step in its transformation into a product solutions provider for the global interventional vascular market.
"We are excited about the acquisition of Creagh Medical and the strategic fit of its balloon catheter design and development, and manufacturing capabilities," said Gary Maharaj, President and CEO, in a prepared statement. "We are disciplined in our approach for acquisitions, recognizing that these investments must align with our strategic vision and accelerate our transformation. Creagh Medical's capabilities are a strategic complement to our proven core technology expertise, and we're confident this acquisition will contribute to our becoming a world-class device innovator, developer and manufacturer."
Located between Ireland's Galway and Athlone medical device hubs, Creagh Medical was established in 2006 with significant investment by USCI Japan, part of a group headquartered in Tokyo that markets and sells interventional medical products, to establish a state-of-the-art facility for medical device research, development and manufacturing from resin to finished catheters. Following a successful management buyout in 2009, Creagh Medical refocused the business on developing PTA product platforms for global distribution. The combined organization will have the capability to support customers from concept to commercialization, including turn-key manufacturing of innovative whole-product solutions, according to the companies.