Intravascular ultrasound developer Volcano has signed an agreement to acquire Crux Biomedical for $36 million in cash.
The privately held company has received the CE Mark and 510(k) clearance from the U.S. Food and Drug Administration (FDA) for its Crux VCF system, an inferior vena cava (IVC) filter designed to facilitate bidirectional retrieval through either the femoral or jugular veins.
The transaction could close within the next week, subject to a working capital adjustment and customary closing conditions. Volcano will also pay Crux up to approximately $3.1 million in transaction expenses.
The merger agreement also provides for a potential cash milestone payment of $3 million upon FDA clearance of a 510(k) application submitted by Volcano on or before June 30, 2013, for a retrieval device currently being developed by Crux.
In addition, Volcano may make additional cash payments for up to four years, based on sales of Crux products following their commercial launch.
