Endologix and TriVascular Technologies agree to merge

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 - merger, acquisition, money, handshake

Endologix and TriVascular Technologies announced on Oct. 26 that they had signed a definitive merger agreement in a stock and cash deal. The transaction is valued at approximately $211 million based on the closing prices on Oct. 23 of $9.10 per TriVascular share and $13.81 per Endologix share, according to a  news release.

The boards of directors for both companies have unanimously approved the agreement.

The companies both offer treatments for endovascular abdominal aortic aneurysms, including the AFX, Ovation and Nellix systems. Endologix CEO John McDermott said in a statement that the companies have two devices (AFX2 and Ovation iX) that are expected to be introduced in the first quarter of 2016.

The transaction is expected to close in January 2016 subject to customary closing conditions. When the merger is completed, Endologix stockholders will own approximately 84 percent of the combined company and TriVascular stockholders will own the remaining 16 percent.

McDermott will become CEO and chairman of the combined company, which will have its U.S. headquarters in Irvine, Calif.