Baxter International’s Baxter Healthcare subsidiary has acquired certain assets related to PerClot Polysaccharide Hemostatic System (PHS) from CryoLife in a deal valued at up to $60.8m.
The transaction includes $25m paid upfront, with the remainder to be paid after the achievement of certain select milestones.
Of the total amount, CryoLife will receive up to $45.8m and Starch Medical (SMI) will receive the remaining $15m.
Additionally, CryoLife and SMI agreed to end their existing PerClot licensing and supply agreements.
Under the deal, Baxter acquired the PerClot product line along with the worldwide marketing rights, customer relationships, intellectual property and equipment.
Baxter stated that the acquisition marks its entry into the global hemostatic powder segment as well as the expansion of its advanced surgery portfolio to include a wider range of active and passive solutions.
With sales in more than 35 countries across the world, PerClot has a global commercial presence but is not currently cleared for sale in the US.
Baxter advanced surgery business president Wil Boren said: “The addition of PerClot further enhances our ability to optimise patient care by addressing a broad range of intraoperative bleeding with both active and passive hemostatic solutions, helping surgeons to use the right product for the right bleed.
“PerClot launches Baxter into the attractive hemostatic powder segment while expanding our surgical offerings and complementing our recent acquisition of Seprafilm Adhesion Barrier.”
By absorbing water from the blood, PerClot produces a gelled matrix that sticks to, and also forms a mechanical barrier, with the bleeding tissue.
The company noted that PerClot PHS is used in surgical procedures, excluding neurological and ophthalmic, and is not recommended when infection is suspected.
It is a single-use product and should not be used to control post-partum bleeding or menorrhagia.