Merit Medical the Latest to Buy a Catheter Company
Following Boston Scientifics lead, Merit Medical buys Thomas Medical from GE Healthcare
Merit Medical Systems Inc. (Nasdaq: MMSI) will acquire Thomas Medical Products Inc. from GE Healthcare for $167 million.
Thomas Medical, headquartered in Malvern, Pa., makes catheter-based vascular devices. South Jordan, Utah-based Merit makes and markets disposable supplies used in cardiology, radiology and endoscopy.
Merit will complete the deal through an expansion of its credit facility from Wells Fargo Bank to $275 million.
Piper Jaffray & Co. served as Merit’s financial adviser and offered a fairness opinion to Merit’s board of directors, Raymond James Financial Inc. also provided an opinion to the board, and Parr Brown Gee & Loveless served as the company’s legal adviser. Moelis & Co. LLC served as GE’s financial adviser, while Paul Hastings LLP served as legal counsel.
The deal was announced on the heals of two other acquisitions that centered on catheter technology. Boston Scientific Corp. (NYSE: BSX), a Natick, Mass.-based medical device manufacturer, paid $125 million for Vessix Vascular Inc. about one month after it spent $265 million for Rhythmia Medical Inc.
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