Volcano snags Crux Biomedical for $36M
|Volcano is buying Crux Biomedical, maker of an inferior vena cava filter--courtesy of Crux Biomedical|
Crux markets an inferior vena cava filter designed to treat pulmonary embolisms, and the company has FDA clearance and a CE mark for the device. The Crux VCF System works to ease bi-directional retrieval through the femoral or jugular veins, and the California-based outfit also has a stable of pipeline devices, including another retrieval tech that could get 510(k) clearance next year, Volcano says.
Volcano is plotting a full-scale manufacturing ramp-up for Crux's products, figuring they'll be ready for a wide commercial launch at the end of next year. Once the company integrates Crux's offerings into its business, Volcano will have taken another step in its evolution from an intravascular imaging business to one with a breadth of products across devices and diagnostics, CEO Scott Huennekens said.
"A key element of our growth strategy is to diversify beyond coronary applications and increase penetration of the peripheral market with our imaging technology," Huennekens said. "As we increase our focus on this market, the ability to offer a unique IVC filter and, through further regulatory approvals, use IVUS to facilitate its placement at the bedside, represents compelling clinical and economic value for patients, clinicians and the healthcare system."
The Crux deal comes a week after Volcano agreed to buy Israel's Sync-Rx for $17.3 million. That company makes software for transcatheter cardiovascular interventions, dovetailing with Volcano's cardiac devices. That's all amid mounting speculation that Volcano is ripe for a buyout itself, as analysts fawn over its consistent revenue growth and booming fractional flow reserve disposable business, which jumped 48% last quarter and has brought in $67.7 million in the first 9 months of 2012.
- here's the announcement
Special Report: Top M&A targets in devices and diagnostics