Cardiac Surgery Company CyroLife Signs Option to Acquire Israel-Based EndoSpan for up to $450 Million
CTech – NYSE-listed cardiac and vascular surgery company CyroLife has signed a distribution agreement, credit facilities, and option agreement to acquire Israel-based stent graft company EndoSpan, the two announced Wednesday.
Founded in 2008 and based in Israeli central town Herzliya, EndoSpan develops stent graft systems for treating aneurysms and dissections throughout the aorta. Its Horizon system for endovascular treatment of abdominal aortic aneurysms is currently in preparations for starting an approval process in Europe. Its Nexus system for treating aortic arch disease has already received a CE Mark (European approval).
Under the deal, CyroLife will pay EndoSpan $10 million for the European distribution rights for Nexus, and provide up to $15 million in debt financing subject to Endospan’s progress in its US clinical trial as its works towards US Food and Drug Administration (FDA) approval. The option agreement gives CyroLife 90 days from the FDA approval to acquire EndoSpan for $350 million plus up to an additional $100 million depending on the commercial success of the system.