French medical imaging company Guerbet has announced announced that it has signed an agreement to acquire Israeli company Accurate Medical Therapeutics, which specializes in the development of microcatheters used in interventional radiology.
Accurate has developed a range of microcatheters for embolization procedures of tumors and vascular aneurysms. These products are currently being registered with the US and European health authorities.
Guerbet will pay €19.5 million immediately and milestone payments according to regulatory and commercial objectives. The total paid for the acquisition will not exceed €57 million. Guerbet said that the acquisition will already yield major revenue by the end of 2018 and will contribute to the French company's profitability by 2019.
This is a relatively swift exit. Accurate Medical was founded in 2015 by CEO Eran Miller and Dr. Michael Tal and received an investment from Access Ventures.
Tal said, "We are confident that Guerbet has significant assets and resources that will enable our range of microcatheters to become a market leader, in particular the microcatheters possessing the unique anti-reflux technology. It allows us to augment embolization of the target area while preventing damage to healthy tissues which must be preserved."
Guerbet CEO Yves L'Epine said, "This acquisition will fuel Guerbet's growth in interventional radiology and will round out its current portfolio. This new range of microcatheters will allow us to help interventional radiology teams deliver a higher quality of care during image-guided embolization procedures."
Accurate medical will retain its structure in Israel and will continue to be led by Miller.
Published by Globes [online], Israel business news - www.globes-online.com - on January 9, 2018
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