Irvine, CA-based Endologix ($ELGX), which develops minimally invasive treatments for aortic disorders, is acquiring Nellix for $15 million in stock and up to $39 million more in stock payments. The agreement also includes a commitment for a $15 million equity investment in Endologix from Essex Woodlands Health Ventures, the majority shareholder of Nellix.
Nellix has developed a revolutionary endograft for the treatment of Abdominal Aortic Aneurysms. Its technology completely seals and fills an aortic aneurysm sac, preventing device migration and potentially improving clinical outcomes. This allows the product to treat a wide range of AAA anatomies, including those that are outside of the indications for existing Endovascular Aortic Repair (EVAR) devices.
"We believe Nellix is the most revolutionary EVAR technology in the world and will help position Endologix as the innovation leader in aortic aneurysm treatment," said Endologix CEO John McDermott in a statement. "...[W]e will dedicate resources to build a direct sales force in Europe, which will provide a channel to launch the Nellix system in Europe in 2012 and provide a significant growth opportunity for Endologix's existing and future products."
- here's the Endologix release