Minnesota devicemaker buys Vetex Medical for $39.9M

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Surmodics, an Eden Prairie, Minn.-based devicemaker, has acquired devicemaker Vetex Medical for $39.9 million, the companies announced July 6

Vetex, based in Ireland, makes venous clot removal devices, and Surmodomics makes supplies for in vitro diagnostic immunoassay tests and microarrays, the Star Tribune reported. 

The deal could increase by $7 million, depending on regulatory and new product milestones. 

"This acquisition demonstrates our commitment to the expansion of our thrombectomy platform to remove thrombus in venous vascular beds, with an exciting technology that offers significant improvements over current therapies," Gary Maharaj, CEO of Surmodics, said in a news release. "Surmodics is now well positioned with two ground-breaking, FDA-cleared mechanical thrombectomy devices to treat both arterial and venous thrombosis."

Vetex's clot removal device received FDA approval in December, and Surmodics expects to start making revenue in the second half of 2022, the Star Tribune reported. 

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