Covalon said that it closed the $12.4 million (CAD $16.1 million) acquisition of the AquaGuard business on October 1. The acquisition includes moisture protection for wound, surgical and vascular access sites, Ontario-based Covalon said.
“The speed with which we were able to successfully integrate the AquaGuard team with Covalon has exceeded my expectations. I am extremely excited that as a unified company, Covalon, along with our new AquaGuard sales force, is now able to sell a strong portfolio of infection management products such as IV Clear, MediClear PreOp, SurgiClear, and AquaGuard into an established client base of over 1,500 hospitals and clinics in the United States. I am more optimistic than ever that the synergies resulting from this successful integration are highly beneficial and accretive to Covalon,” CEO Brian Pedlar said in a press release.
The company said that it has also received the first payment of $3.5 million under a new licensing agreement with an unnamed “global medical company” for rights to use its antimicrobial coating technology. The deal includes an additional $5 million in license fees based on milestones.