Endologix, TriVascular Technologies ink $211m merger

Endologix (NSDQ:ELGX) and TriVascular Technologies (NSDQ:TRIV) yesterday said they plan to merge in a cash-and-stock deal worth $211 million. If consummated, the deal would unite 2 of the stent graft market’s smaller players. Both companies makes devices for treating abdominal aortic aneurysms; Irvine, Calif.-based Endologix makes 2 lines of stent grants, the Nellix and AFX devices, while Santa Rosa, Calif.-based TriVascular makes the Ovation stent graft. The deal, which values TriVascular at $9.10 per share, calls for TRIV shareholders to receive a to-be-determined combination of ELGX shares and cash equal to 19.999% of Endologix’s outstanding shares. Once it closes, Endologix shareholders would own 84% of the new company, with TriVascular stockowners holding the remaining 16%, the companies said. The new company is slated to operate under the Endologix banner, with TriVascular as a wholly-owned subsidairy. Endologix chairman & CEO John McDermott is expected to keep that role, with TriVascular president & CEO Christopher Chavez joining the board. “This merger enhances the near and long-term growth potential of our business by bringing together two of the most innovative companies in the field of endovascular abdominal aortic aneurysm treatment. We believe the combined company will be uniquely positioned to provide physicians with 3 complementary products to treat a wide range of patient anatomies. These devices, the AFX, Ovation and Nellix sy...
Source: Mass Device - Category: Medical Equipment Authors: Tags: MassDevice Earnings Roundup Stent Grafts Endologix Inc. TriVascular Source Type: news