Interventional technology developer Medrad has inked a definitive agreement to acquire vascular and cardiovascular treatment device developer Possis Medical in a cash deal valued at approximately $361 million.
The combination of Possis Medical's thrombectomy platform and Medrad's vascular injection systems offers a complementary focus on high-pressure intravascular fluid management, and represents a base for future development of new applications, according to Indianola, PA-based Medrad.
The offer price of $19.50 per share is a premium of approximately 39% over the Minneapolis-based firm's average closing price for the 30 days prior to February 8. Possis posted revenues of $67 million and employed approximately 280 people for its fiscal year ending July 31, 2007.
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