Haemonetics Corp. (HAE), a medical technology company, said Wednesday it has agreed to acquire privately-held Cardiva Medical, Inc., a Santa Clara, California-based manufacturer of vascular closure systems. The company noted that the acquisition will enable it to expand its hospital portfolio.
Under the terms of the deal, Haemonetics will acquire Cardiva for an upfront cash payment of $475 million at closing and up to an additional $35 million in contingent consideration based on sales growth.
The company expects the acquisition to be completed in the first quarter of calendar 2021.
Cardiva's portfolio includes two catheter-based vascular access site closure devices. The VASCADE vascular closure system is designed for "small-bore" femoral arterial and venous closure. It is generally used in interventional cardiology and peripheral vascular procedures, and is the only marketed closure device to significantly reduce access site complications versus manual compression.
The VASCADE MVP vascular closure system is designed for "mid-bore" multi-access femoral venous closure, generally used in electrophysiology procedures. It is the only FDA approved closure device for use following cardiac ablation procedures requiring two or more access sites within the same vessel.
Both devices include Cardiva's proprietary collapsible disc technology and a resorbable collagen patch to achieve hemostasis.
Haemonetics expects the acquisition to deliver about $65 million to $75 million of revenue in the first fiscal year.
The company expects the transaction to be dilutive to adjusted net earnings per share by $0.15 to $0.20 in fiscal year 2022, and about neutral to adjusted net earnings per diluted share in fiscal year 2023.
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