US-based cardiac and vascular surgery company CryoLife has acquired Ascyrus Medical in a deal valued at up to $200m.

The deal includes an $80m upfront payment, consisting of $60m in cash and CryoLife common stock worth $20m.

The acquisition forms part of CryoLife’s strategy to expand presence in the aortic repair market.

Ascyrus is a privately held developer of the aortic arch remodelling device, called Ascyrus Medical Dissection Stent (AMDS), used in the treatment of acute Type A aortic dissections.

Additionally, the deal presents significant cross-selling opportunities for the company with its existing JOTEC portfolio, BioGlue and On-X.

CryoLife CEO, president and chairman Pat Mackin said: “We believe the addition of the AMDS to our product offerings will make a meaningful contribution to our future growth as it gives us immediate access to the combined $100m EU and Canadian markets and has the potential to expand our worldwide addressable market by approximately $540m.”

“AMDS is another highly differentiated device that, when included in our commercial channel, will further solidify our position as a global leader in aortic repair as it will immediately strengthen our highly competitive product portfolio in Europe.”

In March, CryoLife obtained the CE Mark for its hybrid stent graft system, E-vita Open NEO, for the treatment of aortic arch disease.

In a separate development, medical contract manufacturer Medbio has acquired Polymer Conversions (PCI).

PCI is a full-service medical device contract manufacturer, which focuses on complex thermoplastic injection moulding and value-added assembly.

The financial terms of the deal were not disclosed.