Intersect ENT has agreed to acquire electromagnetic surgical navigation solutions provider Fiagon AG Medical Technologies in a deal valued at €60m.

According to the deal, Intersect ENT will make an initial €15m payment at the time of the closing. The company will pay out the remaining price over the subsequent three years in €15m annual payments.

Established in 2007, Fiagon specialises in the development and commercialisation of electromagnetic surgical navigation systems and related surgical tools targeted to the ear, nose and throat (ENT) surgical space.

The navigation system developed by Fiagonis supports both routine and complex ENT procedures, enabling surgeons to track the full range of instruments used in the functional endoscopic sinus surgery (FESS) procedure.

Last month, the company secured the US Food and Drug Administration (FDA) 510K clearance for its navigable sinuplasty balloon.

The acquisition of Fiagon is expected to expand Intersect’s portfolio of ENT product offerings and its geographical footprint.

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Intersect ENT president and CEO Thomas West said: “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 the 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.”

Fiagon Group president and CEO Dr Kai Desinger added: “The combination of Intersect ENT’s compelling product offerings coupled with its deep commercial leadership expertise and impressive salesforce offers a unique opportunity for us to jointly leverage our core innovation and commercialisation competencies.”

The acquisition is expected to be completed in 30 days, subject to customary closing conditions. The transaction, which will be financed using balance sheet cash, is expected to close during the fourth quarter of the year.

In 2018, Intersect ENT commercially launched its Sinuva Sinus Implant for the treatment of adults with nasal polyp disease in the US.