Irvine-based Cardiogenesis, a manufacturer of medical devices used in treating cardiovascular disease, is set to be acquired by CryoLife, an Atlanta-based biomedical firm that supplies implantable tissues for cardiac and vascular reconstruction.
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The merger expands CryoLife's cardiac surgery portfolio, and the company expects to see double-digit revenue growth within a year as a result of the buyout.
"CryoLife is a partner that shares our commitment to develop innovative products that improve the lives of patients around the world," said Paul McCormick, executive chairman of Cardiogenesis. "We feel that the company's direct cardiac surgery sales force, geographic scale, expertise and resources will help us expand the global reach of our products."
The all-cash transaction – which is expected to close in May – values Cardiogenesis at approximately $22 million.
"We believe this transaction will benefit the customers, employees and shareholders of both companies," said Steven G. Anderson, chairman, president and CEO of CryoLife. "Cardiogenesis brings developed technologies with proven clinical outcomes in the treatment of cardiovascular disease and a pipeline of potential new products that build on the TMR (transmyocardial revascularization) platform. Cardiogenesis' products greatly expand our customer offerings, and we believe they will create opportunities for us to cross sell and rollout Cardiogenesis' products on a global platform."
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