The Medicines Co. (MDCO) has agreed to acquire Tenaxis Medical, Inc. whose sole product mechanically seals both human tissue and artificial grafts. Under the terms of the agreement, the Medicines Company will pay $58 million upfront on closing of the deal.
The product is approved, but not launched in the U.S. It received PMA approval from the FDA in March 2013 as a vascular sealant. The product is also approved with a European CE Mark as a surgical sealant applicable to cardiovascular, general, urological, and thoracic surgery.
The addition of the Tenaxis product adds another solution for surgical bleeding to The Medicines Company's portfolio which includes the marketed product, RecoThrom and the investigational product, Fibrocaps which has completed phase III trials and is under FDA and EMA review.
The Medicines Company will also pay milestone payments of up to $112 million contingent upon achieving certain commercial and regulatory approval milestones.
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