LeMaitre Vascular, Inc. announced that it has acquired the business and assets of Artegraft, Inc. for $90.0 million, including $72.5 million in cash paid at closing ($65.0 million to Artegraft plus $7.5 in escrow to be released December 31, 2021) as well as potential earnout payments of $17.5 million payable based upon future sales of the acquired business. Under the terms of the deal, LeMaitre will continue to operate Artegraft’s manufacturing facility in North Brunswick, NJ for at least three and a half years and will retain most of Artegraft’s employees, including seven sales & marketing personnel.
Artegraft processes and sells biologic vascular grafts that are derived from bovine carotid arteries and are implanted primarily in hemodialysis access patients. The products are marketed under the brand Artegraft® and are sold only in the US. Artegraft generated trade sales of $15.6 million and estimated hospital-level sales of $18.6 million during the twelve-month period ended May 31, 2020. Artegraft’s unit sales grew 10% in 2019.
Dave Roberts, LeMaitre Vascular’s President, commented, “We are pleased to add Artegraft to our product offering, augmenting the suite of biologic and dialysis access products used by our core customer, the vascular surgeon. With this acquisition, we expect Artegraft to be the largest product line in our US sales bag and the cornerstone of our offering of devices used to treat patients with end-stage renal disease.”
Rick Gibson, CEO of Artegraft, commented, “With their focus on hemodialysis access procedures, biologic implants, and the vascular surgeon, LeMaitre Vascular is ideally positioned to build on Artegraft’s success. We look forward to working with the LeMaitre team to ensure a smooth transition of the business.
Written by: LeMaitre Vascular
Legacy MedSearch has more than 30 years of combined experience recruiting in the medical device industry. We pride ourselves on our professionalism and ability to communicate quickly and honestly with all parties in the hiring process. Our clients include both blue-chip companies and innovative startups within the MedTech space. Over the past 10 years, we have built one of the strongest networks of device professionals ranging from sales, marketing, research & , quality & regulatory, project management, field service, and clinical affairs.We offer a variety of different solutions for hiring managers depending on the scope and scale of each individual search. We craft a personalized solution for each client and position with a focus on attracting the best possible talent in the shortest possible time frame.
Are you hiring?
Contact us to discuss partnering with Legacy MedSearch on your position.