US-based healthcare technology company Merit Medical Systems has completed its previously announced acquisition of Cook Medical’s lead management portfolio.
In September this year, Merit Medical signed an agreement to buy Cook’s lead management portfolio for around $210m in cash, and assuming certain liabilities.
The agreement concludes a series of Cook’s planned divestitures across multiple product lines and specialities to focus on the future of the company.
Merit financed the acquisition through a combination of available cash and borrowings under its long-term credit facility.
Merit chairman and CEO Fred Lampropoulos said: “We are pleased to announce the completion of this important acquisition. We are excited to welcome the talented team from Cook Medical’s lead management business.
“We believe this acquisition will strengthen our fast-growing, high-margin electrophysiology and CRM business, as well as enhance our position in the global cardiac intervention market.”
Merit Medical has an existing footprint in electrophysiology (EP) and cardiac rhythm management (CRM), with plans to expand its presence in lead management.
Its EP and CRM portfolio includes steerable and other speciality technologies that help electrophysiologists access the heart to diagnose and deliver devices to treat heart disorders.
Cook Medical’s lead management business offers an end-to-end product portfolio of medical devices and accessories used in lead management procedures.
The lead management procedures involve implanting, removing, or replacing pacemakers or implantable cardioverter-defibrillator leads.
Merit expects the impact of Cook Medical’s lead management portfolio acquisition on its operating and financial performance for 2024.
Wells Fargo served as financial advisor and Parr Brown Gee & Loveless as legal advisor to Merit, while Bank of America Securities served as financial advisor and Ice Miller as legal advisor to Cook Medical, on the transaction.
