Menlo Park, Calif.-based Intersect ENT closed an acquisition with Berlin, Germany-based medical technology company Fiagon, according to an Oct. 2 press release.
The acquisition will allow Intersect ENT's portfolio to support routine and complex procedures and positions the company to serve the growing market for ENT services, the statement said. It will also extend the company's position in U.S. and European physician offices.
"We are pleased to have successfully closed this strategic acquisition and welcome the Fiagon team," Thomas West, president and CEO of Intersect ENT, said in a statement. "Acquiring Fiagon enhances our competitive offering to our customers with an innovative portfolio of balloons, navigation and localized drug delivery. Strategically, this deal moves us from a single technology company of bio-absorbable drug-eluting stents to a more diversified and comprehensive solutions-oriented ENT company operating across the care continuum to help patients."
Intersect ENT will make an initial payment of more than $17 million (15 million euros) at the time of closing and three more payments of the same amount annually, the statement said.
Read the full press release here.
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