Seeking Alpha

Volcano buys catheter company

  • Volcano (VOLC +0.9%) acquires privately-held AtheroMed, the developer of the Phoenix Atherectomy System used to treat peripheral artery disease. The Phoenix System received 510(k) clearance in January 2014 and CE Mark in 2013.
  • Under the terms of the acquisition agreement, Volcano will pay $115M at closing and another $15M if the AtheroMed device currently under FDA review receives clearance by November 15, 2014 (design for manufacturing improvements of current device). It will also be eligible for sales-based milestone payments.
  • The global atherectomy market is $350 - 400M growing at 7% per annum.
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