Wallaby Medical has acquired German company phenox, including femtos, in a deal valued at nearly $543m (€500m), including milestone payments.
Established in 2005, phenox offers a portfolio of neurovascular devices for the treatment of both ischemic and haemorrhagic strokes.
The key product line of the company comprises the p64/p48 range of flow diverters, to treat intracranial aneurysms, and the pRESET range of stent retrievers for the mechanical thrombectomy of ischemic strokes.
Furthermore, phenox provides coating technologies to improve permanent and short-term implants.
Wallaby also acquired femtos, which acts as an incubator for advanced medical technologies, focusing on the development and manufacturing of next-generation neurovascular devices to treat stroke. It has capabilities in femto-second laser technology, allowing it to produce stents and other implantable devices, and currently has two CE approved products.
The takeover will allow the merged company to become a leader in offering an extensive range of neurovascular technologies and solutions to customers and patients globally, including in the US, Europe, Japan, China and various other markets.
Wallaby CEO Michael Alper will serve as the CEO of the merged company while phenox founder professor Dr-Ing Hermann Monstadt will act as phenox’s managing director.
Furthermore, all existing product brands of phenox will be retained.
Wallaby used the proceeds from its Series D round to fund the deal.
Alper said: “By combining the highly complementary product pipelines of the two companies, we will be able to offer a full spectrum of world-class interventional neurovascular products and solutions.
“The broadened product portfolio, enhanced R&D capability and expanded geographic coverage will provide Wallaby-phenox with an unparalleled competitive edge as we strive to become a global leader in the neurovascular market.”