Lombard purchases endograft developer Altura

Lombard Medical Technologies (NSDQ:EVAR) said today it acquired endovascular stent graft developer Altura Medical. Altura develops ultra-low profile endovascular stent graft technology intended for the treatment of abdominal aortic aneurysms, in line with Lombard’s own technologies and their flagship Aorfix endograft. The terms of the transaction between Irvine, Calif.-based Lombard and Silicon Valley-based Altura medical included the issuance of $15 million of Lombard stock at $4 per share, the assumption of $5.5 million in debt and $2.5 million in liabilities and transaction related costs, Lombard said. “The acquisition of Altura and the launch of its new AAA stent graft will provide a near-term and substantial increase in revenues. In fact, we believe this innovative technology could account for up to 20% of our 2016 total revenue. The combination of Altura’s technology with our flagship Aorfix platform creates a truly patient driven platform that we believe will allow us to capture share from our competitors. The Altura device offers a simple, safe and efficient treatment option for standard AAA anatomy, while Aorfix offers the only on-label solution for patients with Aortic neck angulation up to 90 degrees,” CEO Simon Hubbert said in a prepared statement. Another $27.5 million may be paid for the deal, based on commercial and regulatory milestones reached over the next 5 years, payable in either cash or stock, Lombard said. “The Altura dev...
Source: Mass Device - Category: Medical Equipment Authors: Tags: Business/Financial News Mergers & Acquisitions Stent Grafts Altura Medical Devices Lombard Medical Technologies Source Type: news