AccessClosure's Mynx Grip extravascular closure device (Courtesy AccessClosure Inc.)
Dublin, OH–based Cardinal Health Inc. has announced that it has completed its acquisition of privately-held AccessClosure Inc. (Santa Clara, CA), giving it a foothold in the interventional cardiology space.
The all-cash $320 million deal, which was originally announced on April 2, will add AccessClosure's extravascular closure devices and other products to Cardinal's portfolio of solutions.
AccessClosure's Mynx family of patient-friendly vascular closure devices helps physicians seal the femoral artery using a unique, secure sealant, which dissolves within 30 days and leaves behind nothing but a healed artery. According to the company, Mynx allows patients to safely ambulate more quickly, enabling them to return home sooner.
The Mynx line includes the Mynx Ace and the Mynx grip, which adds AccessClosure's proprietary Grip technology to the distal end of the original Mynx sealant. The result, the company says, is a sealant that securely adheres to and seals the arteriotomy while expanding to fill the tissue tract. This is said to give surgeons added confidence in vascular closure.
At the April announcement, Don Casey, CEO of Cardinal Health's Medical segment, said, “We are excited about this opportunity because it provides a scalable platform – with an outstanding product, strong customer base, cost-effective service model, and seasoned management team. Our goal is to become the partner of choice for solutions that improve patient care while reducing the cost and complexity of procedures for hospital systems.”
Shaden Marzouk, MD, vice president of clinical affairs for Cardinal Health noted, “This acquisition will create a platform for an interventional suite offering that is differentiated in the marketplace. Cardinal Health offers customers and their patients high quality, value-priced solutions that include other services, resources, and tools for service line optimization. We know that these innovative, patient-centered solutions are extremely important in today's evolving healthcare landscape.”
Refresh your medical device industry knowledge at MD&M East, June 9–12, 2014 in New York City.
AccessClosure also distributes the Flash Ostial System Dual Balloon Angioplasty Catheter, which is designed to help overcome the challenges of aorto-ostial stenting. The Flash catheter is manufactured by Ostial Corp., and distributed by AccessClosure. At press time it was unclear whether this relationship would survive the deal.
AccessClosure says it books about $80 million in annual sales. Cardinal Health expects the transaction to have minimal impact on its non-GAAP earnings in fiscal year 2014, and to be slightly accretive to non-GAAP earnings in fiscal 2015. Cardinal intends to report AccessClosure's financial results as part of its Medical segment.
Stephen Levy is a contributor to Qmed and MPMN.
