China ’ s Microport puts $15m into Lombard Medical

Lombard Medical Technologies (NSDQ:EVAR) said today that China’s MicroPort Orthopedics invested $15 million as part of a partnership deal between the 2 companies. Through the partnership, Lombard will seek to accelerate commercialization of its Arofix and Altura stent grafts for treating abdominal aortic aneurysms. Microport will gain exclusive marketing rights for both products in China and Brazil, as well as a license to manufacture the products for the Chinese market. As part of the deal, Microport and Lombard said they entered a component supply manufacturing deal, with Microport manufacturing components for the Alutra and Aorfix at its Shanghai facilities. “We are extremely pleased to be adding two highly differentiated products in Aorfix and Altura to our market-leading endovascular portfolio in both China and other emerging markets. We look forward to partnering with Lombard Medical to offer the premier portfolio of endovascular devices to treat patients requiring aortic artery aneurysm repair,” MicroPort chair & CEO Dr. Zhaohua Chang said in prepared remarks. The $15 million investment came through a $5 million purchase of common stock at 62¢ per share, which represents a 29% ownership stake, as well as a 5-year, $10 million unsecured promissory note convertible prior to maturity at 90¢ per share. Two MicroPort reps will also join Lombard’s board of non-executive directors. “The strategic partnership with MicroPort benefits all L...
Source: Mass Device - Category: Medical Equipment Authors: Tags: Mergers & Acquisitions Stent Grafts Vascular Lombard Medical Technologies MicroPort Scientific Source Type: news