Penumbra (NYSE:PEN) said today it paid $9.4 million (EU €8.2 million) for all outstanding shares of Italian Crossmed S.p.a., which operated as the company’s exclusive distributor in Italy, San Marino and the Vatican.
Alameda, Calif.-based Penumbra said that with the acquisition, Crossmed is now a wholly-owned subsidiary of the company. Penumbra added that there are no material relationships between it and any of the sellers other than those pertaining to the acquisition.
In addition to the initial payment, Penumbra said that it will also pay additional milestone payments based on Crossmed’s net revenue, “and may pay additional consideration based on incremental net revenue, for each of the fiscal years ended December 31, 2017, 2018 and 2019,” according to an SEC filing.
In March, Penumbra said it priced a public offering worth nearly $99 million, not including an underwriter’s option worth nearly $15 million.
Penumbra makes a line of instruments designed for neurovascular and peripheral vascular procedures, including stroke revascularization, embolization and thrombectomy.