Intersect ENT (NSDQ:XENT) announced today that it entered into an agreement to acquire Fiagon AG Medical Technologies for $71.1 million.
The $71.1 million (€60 million) cash deal will see Intersect ENT make an initial $17.8 million (€15 million) payment at the time of closing and further $17.8 (€15 million) annual payments over the following three years.
Menlo Park, Calif.-based Intersect ENT, an ear, nose and throat condition treatment developer, expects the acquisition to close within 30 days, subject to customary closing conditions.
Goldman Sachs & Co. LLC is acting as exclusive financial advisor to Intersect ENT and Cooley LLP and Fieldfisher (Germany) LLP are acting as its legal counsel. Oppenheimer is acting as financial advisor to Fiagon and Morrison & Foerster LLP is acting as its legal counsel.
Fiagon develops proprietary surgical navigation systems that support both routine and complex ENT procedures, enabling surgeons to track the full range of instruments deployed during a functional endoscopic sinus surgery procedure, according to a news release.
The Hennigsdorf, Germany-based company’s instruments are tip-tracked and do not require calibration in an effort to increase intuitiveness and ease of use.
In the release, Fiagon president & CEO Dr. Kai Desinger said the companies expect that the combination of Intersect ENT’s product offerings and sales force allows the two to jointly leverage innovation and commercialization.
“Fiagon represents a strategic technology acquisition for Intersect ENT that immediately expands our portfolio of ENT product offerings, complements our existing Propel and Sinuva sinus implants and helps extend our geographic reach,” Intersect ENT president & CEO Thomas West said in the release. “Fiagon develops, and commercializes globally, innovative electromagnetic surgical navigation systems and an associated suite of surgical tools targeted to the ENT surgical space. In addition, in August of 2020 Fiagon received U.S. FDA 510(k) clearance for a navigable sinuplasty balloon.
“The combination of the Intersect ENT and Fiagon portfolios allows Intersect ENT to deliver more comprehensive surgical solutions across the sinusitis care continuum regardless of site of care. This deal is consistent with our intention to provide comprehensive value-added and evidenced-based solutions for ENT physicians and the patients they serve.”
$1 = €0.843873