Ohio-based Cardinal Health (NYSE:CAH) made a $320 million all-cash bid to acquire AccessClosure and its extravascular closure technology.
AccessClosure’s biodegradable Mynx sealant products are designed to close off the femoral artery and then dissolve within 30 days. Cardinal Health medical segment CEO Don Casey called the technology a "scalable platform" that will broaden the company’s physician preference offerings.
California-based AccessClosure posts more than $80 million in annual sales, according to a press release. Cardinal expects the acquisition to have "minimal impact" on adjusted earnings in 2014 and add slightly to its fiscal 2015 profit.
Cardinal hopes the new additional will give it a leg up in interventional sales, the company said.
"This acquisition will create a platform for an interventional suite offering that is differentiated in the marketplace," Cardinal clinical health vice president Dr. Shaden Marzouk said in prepared remarks. "We know that these innovative, patient-centered solutions are extremely important in today’s evolving healthcare landscape."
AccessClosure’s technology has been at the heart of a patent infringement lawsuit with St. Jude Medical (NYSE:STJ). AccessClosure notched a couple of wins, most recently when a federal court in December 2013 refused to hear St. Jude’s patent infringement claim over the artery closure devices.
Cardinal Health got a modest Wall Street bump today, trading 0.4% higher at $70.59 as of about 12:15 p.m.
