Endologix has successfully completed the previously announced merger with TriVascular Technologies.
John McDermott, chairman and chief executive officer of Endologix, said, “The completion of the merger with TriVascular is a major milestone for both companies that further enhances our technology platforms and positions the combined business for robust growth with an accelerated path to profitability. Both teams have been working diligently preparing for the merger and we believe that we are well positioned to execute on our integration and commercial plans. In the near-term, our focus is on training the combined sales and clinical teams, introducing our comprehensive product portfolio to physicians and successfully capturing identified synergies.”
Under the terms of the merger agreement, each outstanding share of TriVascular common stock (other than shares of TriVascular common stock and other than certain other shares of TriVascular stock owned or held by Endologix, TriVascular or their affiliates which were cancelled) was exchanged for 0.631 shares of Endologix common stock and US$0.34 of cash.
Former Endologix stockholders own approximately 84% of the shares of the combined company on a fully diluted basis and former TriVascular stockholders own approximately 16%. TriVascular shares have now ceased trading on the NASDAQ Global Select Market. Effective upon completion of the merger, Christopher G Chavez, the former president and chief executive officer of TriVascular, was appointed to the Endologix board of directors.
McDermott added, “In addition to our enthusiasm about the completed merger, we are pleased to report that the 5,000th patient was treated recently with the Nellix endovascular aneurysm sealing system.”
Once integrated, Endologix reaffirms its long-range forecast from its investor meeting in November 2015, which included revenues of the combined business growing at a 20% compound annual growth rate over the next five years and reaching an adjusted EBITDA margin of approximately 20%.