US-based Cardinal Health has signed an agreement worth $320m to acquire AccessClosure, a manufacturer and distributor of extravascular closure devices.
Cardinal Health hopes that this deal will give a boost to its interventional devices segment with the addition of AccessClosure and its Mynx biodegradable vascular sealants.
The deal further aligns Cardinal Health with market forces and customers' need for value-driven care and comprehensive healthcare solutions.
Subject to customary closing conditions and pending regulatory clearances, the deal is expected to close in June.
Cardinal Health medical segment CEO Don Casey said: "Our goal is to become the partner of choice for solutions that improve patient care while reducing the cost and complexity of procedures for hospital systems.
"Last year we launched our orthopedic trauma solutions to great response, and this acquisition will broaden our offering in another physician preference category. We look forward to further expansion."
AccessClosure's Mynx vascular closure devices help physicians seal the femoral artery using a secure, dissolvable sealant, and allows patients to safely ambulate more quickly, which in turn, means patients can return home sooner.
According to the company, AccessClosure generates around $80m in annual sales, driven by a direct sales force.
AccessClosure president and CEO Gregory Casciaro said: "With Cardinal Health's resources and customer relationships, we can now more readily answer market demand for our innovative solutions that improve both the doctor and patient experience."
Cardinal Health expects the transaction to have minimal impact on adjusted earnings in 2014 and add slightly to its fiscal 2015 profit.
Cardinal Health vice-president clinical affairs Dr Shaden Marzouk said this acquisition will create a platform for an interventional suite offering.
"Cardinal Health offers customers and their patients high-quality, value-priced solutions that include other services, resources, and tools for service line optimisation," Dr Marzouk said.
"We know that these innovative, patient-centred solutions are extremely important in today's evolving healthcare landscape."
Image: Cardinal Health's headquarters in Dublin, Ohio. Photo: courtesy of Cardinal Health.