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Jomed International buys partner EndoSonics
In a move joining two manufacturing and distribution partners in Europe and the U.S., Sweden-based Jomed International announced a merger agreement with EndoSonics, based in Rancho Cordova, CA.EndoSonics is a developer of intravascular ultrasound (IVUS)
In a move joining two manufacturing and distribution partners in Europe and the U.S., Sweden-based Jomed International announced a merger agreement with EndoSonics, based in Rancho Cordova, CA.
EndoSonics is a developer of intravascular ultrasound (IVUS) imaging devices, angioplasty catheters, and functional assessment products to assist in the diagnosis and treatment of cardiovascular and peripheral vascular disease.
Jomed will acquire all of EndoSonics outstanding stock at $11 a share, or $205 million. The boards of both companies have approved the transaction. EndoSonics had sales of $48 million in 40 countries in 1999. After the merger, the new company will have about 1000 employees and combined annual sales of about $99 million.
Jomed manufactures stents for interventional cardiology, with a range of over 600 products. The two companies signed an agreement two years ago (SCAN, 10/28/98) to jointly develop an intravascular ultrasound-guided stent delivery system. The merger gives Jomed access to an established U.S. sales force.
Jomed has been a European distributor for EndoSonics, and sales in that market have been disappointing (SCAN, 10/13/99), leading to EndoSonics terminating one of their distribution agreements. Jomed has continued as EndoSonics distributor in smaller European markets.
Reinhard Warnking, EndoSonics CEO, described the acquisition as a merger of companies with similar visions that are dedicated to improving clinical outcomes by creating a unique IVUS-guided therapeutic system.
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