Becton Dickinson (NYSE:BDX) wasted no time in closing the cash buyout of TVA Medical, which just a few weeks ago landed FDA clearance for its EverlinQ EndoAVF hemodialysis device, for an undisclosed amount.
Austin, Texas-based TVA won de novo clearance June 22 for the EverlinQ EndoAVF device, which uses a pair of magnetic catheters and radiofrequency energy to create an arteriovenous fistula for hemodialysis access without open surgery. BD said today that it plans to change the system’s name to WavelinQ EndoAVF as it integrates TVA into its peripheral intervention business.
“The FDA’s authorization and joining BD are the culmination of many years of hard work by a dedicated team of innovators at TVA Medical and I’d like to thank them for their tireless efforts to get us to these important milestones,” co-founder Adam Berman said in prepared remarks. “BD will enable us to deliver to physicians and patients what we believe is a highly desirable and transformative endovascular technology as an integral part of a broader [end-stage renal disease]-focused portfolio of solutions. I look forward to the next chapter of our history as part of the BD family.”
“The addition of TVA Medical allows BD to provide another innovative device to physicians who treat patients suffering from chronic kidney disease requiring hemodialysis,” added peripheral intervention president Steve Williamson. “This technology is highly complementary to our Peripheral Intervention offerings, and we will continue to bring new technologies to market that improve our category-leading ESRD portfolio. This is a great example of our continued strategy to use tuck-in acquisitions to advance category leadership.”
BD said the deal, financed with cash on hand, shouldn’t affect its fiscal 2018 or 2019 results nor its pledge to reduce debt after its $24 billion buyout of Bard last year.