SurModics, Inc. (Nasdaq: SRDX), an Eden Prairie, Minnesota-based provider of medical device and in vitro diagnostic technologies, acquired Creagh Medical Ltd., a Ballinasloe, Ireland-based developer and manufacturer of percutaneous transluminal angioplasty (PTA) balloon catheters, for €30m (approx. US$32m).
The acquisition, which includes an upfront payment of €18m, and up to €12m based on achievement of revenue and value-creating operational milestones, aims to enable SurModics to transform its Medical Device business from being a provider of coating technologies, to offering whole-product solutions to medical device customers in the large and growing global interventional vascular market.
Established in 2006, Creagh Medical is now led by CEO Tom Greaney, who is joining the SurModics executive leadership team, reporting to Gary Maharaj, president and chief executive officer. He will continue to lead the company’s Ireland-based operations.