Intersect ENT has completed the acquisition of electromagnetic surgical navigation solutions provider Fiagon AG Medical Technologies.

Last month, the company announced the deal to acquire Fiagon for €60m paid over three years.

According to the agreement, Intersect ENT has to make an initial €15m payment at the time of the closing and €15m annual payments for the subsequent three years. The acquisition is expected to be accretive to top-line growth in the first year after the closing.

The acquired company 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.

Intersect ENT president and CEO Thomas A West said: “We are pleased to have successfully closed this strategic acquisition and welcome the Fiagon team.

“Acquiring Fiagon enhances our competitive offering to our customers with an innovative portfolio of balloons, navigation and localised drug delivery. Strategically, this deal moves us from a single technology company of bio-absorbable drug-eluting stents to a more diversified and comprehensive solutions-oriented ENT company operating across the care continuum to help patients.”

The acquisition is said to bolster Intersect ENT’s portfolio of routine and complex ENT procedures. It enables the company to better serve the expanding ENT surgical and office-based procedure market space.

Additionally, it fortifies the company’s footprint in the US and European ENT physicians’ offices.

As part of the closing of the transaction, the Fiagon executive team, led by president and CEO Dr Kai Desinger, will join Intersect ENT.

Goldman Sachs & Co was the exclusive financial advisor to Intersect ENT, while Cooley and Fieldfisher acted as its legal counsel.

Oppenheimer acted as financial advisor to Fiagon and Morrison & Foerster served as its legal counsel.