Kirkland, WA-based Pathway Medical Technologies has reportedly agreed to be bought by Medrad, a unit of Bayer Healthcare, for $125 million, Xconomy said Friday.
Despite Xconomy's report, neither company has announced the acquisition, which apparently still needs final regulatory and shareholder approval. "[W]e cannot provide detail or comment at this time," Medrad spokeswoman Alicia Cafardi told the news service.
Pathway's focus is peripheral arterial disease, which affects 12 million in the U.S. Company CEO Paul Buckman previously served as president of the cardiology division of St. Jude Medical and CEO of ev3, Pathway notes on its website.
The acquisition doesn't necessarily come as a surprise, Xconomy reports. Back in June, Buckman indicated he was interested in making the company profitable and not returning to VCs for more money.
"For the short term, it's about blocking and tackling, gaining market share, expanding our ability to treat the entire leg," Buckman said, as quoted by Xconomy. "Those things alone will continue to grow our business. If we do that, it enables us to enlarge our footprint a bit, maybe add some attractive products. It could make us a more attractive acquisition candidate."
Interestingly, that same month, the company announced it had obtained FDA 510(k) clearance to market Jetstream Navitus, an enhanced revascularization catheter for the treatment of peripheral vascular disease (PVD). It then announced the next week it had obtained clearance to market Jetstream G3 SF 1.6-mm revascularization catheter for the treatment of PVD.
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