US-based Conmed has signed a definitive agreement to acquire medical products developer Buffalo Filter for a consideration of $365m.
Established in 1991, Buffalo Filter develops surgical smoke evacuation technologies, including pencils, laparoscopic solutions, and related accessories.
Its smoke evacuation portfolio includes a variety of products such as VisiClear, ViroVac, PlumePen Ultra, PenAdapt, LaparoLight Veress Needle and ViroSafe Fluid Trap.
Conmed offers surgical devices and equipment for minimally invasive procedures. The products are used in areas that include orthopaedics, general surgery, gynaecology, neurosurgery, and gastroenterology.
The company expects that the deal will complement its general surgery portfolio, while supporting its position in the smoke evacuation market.
Conmed president and CEO Curt Hartman said: “This acquisition is a strong strategic fit with our general surgery portfolio, and the platform technology provides us a leading position in the high-growth smoke-evacuation market.
“We believe this technology, combined with our focused innovation in the surgical suite, will deliver impactful solutions to address significant challenges confronting healthcare practitioners and their patients.”
Buffalo Filter president and CEO Samantha Bonano said: “We believe that the combination of our dedicated teams, as well as our proven research and development expertise, will enable us to continue to bring best-in-class smoke-evacuation products to a growing global market.”
Subject to customary closing conditions and approvals, the acquisition is set to be completed in the first quarter of next year.
Conmed said the impact of the transaction on overall gross margins is expected to be neutral next year and accretive subsequently.
The company has a direct market presence across 19 countries, and international sales account to about 50% of its total sales.