Surmodics Inc., an Eden Prairie-based medical device manufacturer, announced Tuesday it acquired Vetex Medical Limited for $39.9 million.
Vetex is a Galway, Ireland-based medical-device manufacturer that is focused on venous clot removal.
The deal hands Surmodics a second device that has gained FDA 510(k) approval, the ReVene Thrombectomy Catheter. The first is Surmodics' Pounce Arterial Thrombus Retrieval System, which earned FDA approval in late-2020.
For now, both the Pounce and ReVene devices are only approved to clear clots on the peripheral veins. But Surmodics plans on leveraging this technology to treat deep vein thrombosis and pulmonary embolism, which requires further FDA approval.
Surmodics is expecting the additional clinical evaluation of the Pounce system to start later this year, while that process for the ReVene system will begin in fiscal 2022.
“This acquisition demonstrates our commitment to the expansion of our thrombectomy platform to remove thrombus in venous vascular beds, with an exciting technology that offers significant improvements over current therapies,” said Surmodics President and CEO Gary Maharaj in a statement. “Surmodics is now well positioned with two ground-breaking, FDA-cleared mechanical thrombectomy devices to treat both arterial and venous thrombosis."
Additional payments of up to $7 million, $3.5 million of which are guaranteed, may be made if specific incentives are met.
