Vascular Solutions picks up St. Jude Medical's Venture catheter for $3M
Vascular Solutions pays $3 million to acquire St. Jude Medical's Venture catheter, saying it's a planning a global re-lainch during Q2 2013.
"Vascular Solutions has acquired all of the remaining finished goods inventory of the Venture catheter for immediate transition of existing sales, and has acquired the manufacturing equipment to begin the process of restarting and qualifying production in Vascular Solutions' existing manufacturing facility," according to a press release. "Vascular Solutions expects to complete the manufacturing qualification during the second quarter of 2013, at which time it plans to re-launch the device on a worldwide basis."
The deal calls for an up-front cash payment of $2.5 million and another $750,000 payment "upon successful qualification of the transitioned manufacturing processes," Vascular Solutions said.