Endologix and TriVascular announced on 26 October that they have entered into a definitive merger agreement under which Endologix and TriVascular will combine in a stock and cash transaction. The transaction is valued at US$9.10 per TriVascular share, or a total of approximately US$211 million, based on Endologix’s closing stock price of US$13.81 per share on 23 October 2015.
John McDermott, chairman and chief executive officer of Endologix, said: “This merger enhances the near and long-term growth potential of our business by bringing together two of the most innovative companies in the field of endovascular abdominal aortic aneurysm treatment. We believe the combined company will be uniquely positioned to provide physicians with three complementary products to treat a wide range of patient anatomies. These devices, the AFX, Ovation and Nellix systems, each offer unique clinical advantages and together will offer physicians the ability to choose the best solution for each patient—all provided by one company. In addition to the existing products, the combined company will have a deep pipeline of new devices including AFX2 and the Ovation iX system that are both planned for market introduction by the first quarter of 2016. These new products are expected to be followed by additional new technologies including the launch of Nellix in the USA, which is expected to receive pre-market approval by the end of 2016.”
McDermott added, “In addition to the strong product portfolio, the merger brings together two experienced endovascular abdominal aortic aneurysm sales and clinical teams in the USA and Europe. The combined organisations will provide broader coverage, increased clinical support and convenience for physicians and hospitals who want to access multiple technologies through a single company and representative.”
Christopher G Chavez, president and chief executive officer of TriVascular, said, “Endologix and TriVascular are two entrepreneurial companies that share a strong strategic focus on providing physicians with innovative and less invasive technologies to make endovascular aortic repair safer and available to more patients, including the significant number of patients with challenging aortoiliac anatomy. We believe physician and patient access to the Ovation platform will be significantly enhanced from a combined larger, stronger and more experienced field sales and service organisation. We look forward to combining our significant and complementary expertise and capabilities for the benefit of our customers, patients, employees and stockholders.”