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Clinical niche solution for guidewire directional control in challenging coronary and peripheral interventions, with over seven years of clinical use
Transition of remaining limited inventory for sale occurs immediately, with worldwide commercial re-launch expected upon completion of manufacturing transition in Q2 2013
Deal expected to be neutral to Vascular Solutions' EPS in 2012, modestly accretive beginning in 2013
MINNEAPOLIS, Aug. 17, 2012 (GLOBE NEWSWIRE) -- Vascular Solutions, Inc. (Nasdaq:VASC) today announced that it has acquired the Venture wire control catheter, a deflectable-tip catheter used to provide guidewire directional control in challenging coronary and peripheral interventional procedures, from St. Jude Medical, Inc.
The Venture catheter's deflectable atraumatic distal tip can be angled up to 90 degrees, providing physicians with control and precision while navigating complex turns in the vessel and lending back-up support when crossing tight lesions. The Venture catheter is currently sold in U.S. and international markets in three versions – over-the-wire, rapid-exchange and coronary sinus – all of which are 6 French-compatible and directionally control a standard 0.014-inch guidewire during difficult interventions.
Vascular Solutions has acquired all of the remaining finished goods inventory of the Venture catheter for immediate transition of existing sales, and has acquired the manufacturing equipment to begin the process of restarting and qualifying production in Vascular Solutions' existing manufacturing facility. Vascular Solutions expects to complete the manufacturing qualification during the second quarter of 2013, at which time it plans to re-launch the device on a worldwide basis.
The total purchase price is $3 million, consisting of an up-front payment of $2.25 million and an additional payment of $750,000 upon successful qualification of the transitioned manufacturing processes. The purchase price is being financed with cash on hand. The deal is expected to be neutral to Vascular Solutions' earnings this year. Beginning in 2013, Vascular Solutions expects the addition of the Venture catheter to be modestly accretive on an earnings per share basis.