Last September Chicago-based IZI picked up Benvenue Medical’s vertebral augmentation portfolio, also for an undisclosed amount; in May 2017, the company paid an unspecified price for Cook’s vertebroplasty devices, including the Duro-Ject Osteo-Site, Osteo-Force and Vertefix brands.
The latest deal with Cook includes the Quick-Core biopsy needle, MReye breast localization coil and the Kopans and X-Reidy lesion localization needles, IZI said. The company is owned by Shore Capital.
“This represents IZI’s third add-on acquisition in the last 18 months and significantly adds to our world-class portfolio of minimally invasive diagnostic and therapeutic products for the interventional radiology market,” CEO Greg Groenke said in prepared remarks. “Cook has done a wonderful job over the last several decades establishing these products as leading brands in their space. We are excited to increase the market penetration of these products through significant investment in domestic and international selling resources, select product enhancements, and new product development. These products are complementary to the line of Osteo-Site needles that IZI acquired from Cook in 2017.”
“IZI is strategically focused in diagnostic and therapeutic areas with imaging modalities, which will allow them to have a closer relationship with the diagnostic and interventional physicians that are performing the procedures,” added Cook vascular VP Mark Breedlove. “We were looking for a company that could invest more resources and continue to support these product families, the patients that benefit from them, and the physicians that use them. We have worked with IZI in the past and determined that they would be the ideal partner moving forward, and we are pleased to support the transition as IZI prepares to manufacture these products. This agreement will benefit patients, customers, and hospitals alike.”
“This acquisition continues to expand the breadth of products offered by IZI and is consistent with the strategy we developed when we partnered with Greg Groenke and the management team at IZI less than three years ago,” Shore Capital partner Don Pierce said. “We are building a leading platform to serve the interventional radiology and oncology markets with quality diagnostic and therapeutic medical devices. These product families will further extend IZI’s international sales reach and increase the depth of its portfolio.”