Vascular Solutions, a medical device company, has purchased the Venture wire control catheter from St. Jude Medical for $3m.
The deflectable-tip catheter is used to provide guidewire directional control in coronary and peripheral interventional procedures.
The total purchase price of $3m consists of an up-front payment of $2.25m and an additional payment of $750,000 upon successful qualification of the transitioned manufacturing processes.
Vascular Solutions chief executive officer Howard Root said the company worked successfully with St. Jude to keep the clinical tool on the market and available to the physicians who use the Venture catheter.
"While the Venture catheter is an established product, the remaining finished goods inventory being transferred to us is extremely limited, which will only allow very limited sales until we have established manufacturing in-house and can perform a complete commercial re-launch in 2013," Root said.
"This acquisition of the Venture catheter is consistent with our strategy of pursuing tuck-in acquisitions that leverage our existing distribution network and established call points, and it fits very well with our continuing commitment to offering clinical solutions in complex interventions, such as we have done with our internally-developed GuideLiner and SuperCross catheters."
The Venture catheter's deflectable atraumatic distal tip, which can be angled up to 90 degrees, provides physicians with control while navigating complex turns in vessels and lending back-up support when crossing tight lesions.
Under the deal, Vascular Solutions acquired all of the remaining finished goods inventory of the Venture catheter for immediate transition of existing sales, and the manufacturing equipment to begin the process of restarting production in Vasculars' own manufacturing facility.
Vascular Solutions anticipates completing the manufacturing qualification during the second quarter of 2013 and plans to re-launch the device on a worldwide basis.