Plus   Neg

Vascular Solutions Buys Venture Catheter From St. Jude Medical - Quick Facts

Vascular Solutions Inc. (VASC) 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.(STJ).

The company said it 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.

The company noted that it 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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Business software giant Oracle Corp. (ORCL), Monday said it swung to a third-quarter loss after taking a $6.9 billion charge related to the new U.S. tax law. Revenues for the quarter grew 6 percent reflecting strong growth in cloud revenues. Adjusted earnings for the quarter trumped Wall Street estimates,... Canada-based cannabis company Cronos Group Inc. (CRON) and MM Enterprises USA LLC said Monday that they have formed a cross-border joint venture to cater to Canadian consumers. The move comes as Canada plans to legalize adult use of cannabis by the end of this year. MM Enterprises USA, LLC is a U.S. cannabis company with facilities in California, Nevada, and New York. Qualcomm Inc.'s former Chairman Paul Jacobs plans to acquire the chipmaker founded by his father and has approached several global investors in an effort to fund the buyout, the Financial Times reported. According to the report, Jacobs informed members of the Qualcomm board about his intention to take the company private. Qualcomm has a market capitalization of $90 billion.
comments powered by Disqus
Follow RTT