LeMaitre acquires biologic patch business from Admedus
LeMaitre Vascular announced that it has acquired the biologic patch business of Admedus for $15.5M, of which $14.2M was paid at closing and $1.3M is due in two post-closing installments, as well as potential earnout payments of $7.8M payable based upon performance of the acquired business as well as other milestones. The parties also signed a license agreement for the tissue processing technology limited to the CardioCel and VascuCel product lines and a transition services agreement under which Admedus will continue to manufacture the products for up to three years while LeMaitre Vascular transitions manufacturing to its U.S. headquarters. LeMaitre Vascular will not take ownership of the Admedus factory in Perth, Australia. The acquired patches, marketed under the brands CardioCel and VascuCel, are processed in a manner that is intended to reduce the risk of calcification. Annualized 2019 sales of these product lines were $7.1M, mostly in the U.S. and Europe.