In the deal, Entellus paid $25 million in cash and issued approximately 3.4 million shares of Entellus common stock, which close at $16.51 the day before the deal was announced on July 7, putting the stock portion of the deal at approximately $56.1 million.
Upon closure, Redwood City, Calif.-based Spirox will now function as an indirect, wholly-owned subsidiary of Entellus medical, the company said in an SEC filing.
As part of the deal, Entellus said it will pay an additional contingent merger consideration to Spirox’s former equity holders based on Entellus’ net revenue from sales of Spirox’s Latera device and subsequent versions.
Spirox won 510(k) clearance from the FDA for the Latera implant in July 2016.
Entellus medical shares have risen since last week, but are down 0.7% today at $17.57 as of 9:37 a.m. EDT.