AngioDynamics buys Vortex for $15M

AngioDynamics, a developer of medical devices for vascular access, surgery, peripheral vascular disease and oncology, has completed the acquisition of Vortex Medical, a privately held, Norwell, Mass.-based developer of medical devices for venous drainage and the removal of thrombus from occluded blood vessels, for $15 million in cash.

Vortex is currently commercializing the AngioVac venous drainage system, which includes the AngioVac Cannula and Circuit. The AngioVac Cannula has a balloon-actuated, expandable, funnel-shaped distal tip that enhances flow, prevents clogging of the cannula and facilitates en bloc, or whole removal of intravascular material, according to the Albany, N.Y.-based AngioDynamics. Both the AngioVac Cannula and Circuit are FDA-cleared for use during extracorporeal bypass for up to six hours, and an application has been filed for CE Mark approval.

"We anticipate the transaction will be accretive to GAAP EPS in the first half of fiscal 2014," said Joseph M. DeVivo, president and CEO of AngioDynamics.

This acquisition is not the company's first, or largest, venture into cardiovascular-related device makers this year. In February, AngioDynamics began plans to buy Navilyst Medical from Avista Capital Partners for $372 million in cash and stock. Navilyst has products in the vascular access, interventional radiology and interventional cardiology markets.