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Intersect to pick up Fiagon
Posted on Wednesday, 16 September 2020 07:02
Intersect ENT has signed on the dotted line to acquire Germany-based Fiagon, a provider of electromagnetic surgical navigation services, for EUR 60.00 million in cash.
The consideration includes an upfront sum of EUR 15.00 million, as well as annual payments of EUR 15.00 million over a three-year period.
Intersect will finance the transaction using cash from its balance sheet.
Pending customary conditions, the deal is slated to complete during the fourth quarter of 2020.
Established in 2007, Fiagon develops and manufactures surgical navigation equipment that provides physicians with easy-to-use services during ear, nose and throat (ENT) procedures.
Its products help to decrease electromagnetic distortion and reduce the size of instrument sensors.
Furthermore, Fiagon’s offerings, including the FlexPointer, contain proprietary technology that allow physicians to manipulate the shape of surgical equipment, while maintaining accuracy.
The group’s Virtu Drive Cube4D product is a modular platform, which can be integrated into existing operating room video towers and microscopes.
In August this year, Fiagon also received approval from the US Food and Drug Administration for a navigable sinuplasty balloon.
The combination of the two companies’ portfolios will allow the buyer to deliver surgical services across the sinusitis care continuum, regardless of site of care.
Intersect’s president, Thomas West, said: “Fiagon represents a strategic technology acquisition for Intersect that immediately expands our portfolio of ENT product offerings, complements our existing Propel and Sinuva sinus implants and helps extend our geographic reach.”
Furthermore, the purchaser expects the deal to increase its top-line growth in the first full year following closing.
Zephyr, the M&A database published by Bureau van Dijk, shows there have been 619 deals targeting surgical and medical instrument manufacturers announced worldwide since the beginning of 2020.
In the most valuable of these, a consortium of investors, including IDG Capital Partners Beijing and Goldstone Investment, bought a minority stake in China-based MGI Tech for USD 1.00 billion.
© Zephus Ltd