Endologix and TriVascular Technologies agree to merge
Endologix and TriVascular Technologies announced on Oct. 26 that they had signed a definitive merger agreement in a stock and cash deal. The transaction is valued at approximately $211 million based on the closing prices on Oct. 23 of $9.10 per TriVascular share and $13.81 per Endologix share, according to a news release.
The boards of directors for both companies have unanimously approved the agreement.
The companies both offer treatments for endovascular abdominal aortic aneurysms, including the AFX, Ovation and Nellix systems. Endologix CEO John McDermott said in a statement that the companies have two devices (AFX2 and Ovation iX) that are expected to be introduced in the first quarter of 2016.
The transaction is expected to close in January 2016 subject to customary closing conditions. When the merger is completed, Endologix stockholders will own approximately 84 percent of the combined company and TriVascular stockholders will own the remaining 16 percent.
McDermott will become CEO and chairman of the combined company, which will have its U.S. headquarters in Irvine, Calif.
Executive Editor
Tim Casey joined TriMed Media Group in 2015 as Executive Editor. For the previous four years, he worked as an editor and writer for HMP Communications, primarily focused on covering managed care issues and reporting from medical and health care conferences. He was also a staff reporter at the Sacramento Bee for more than four years covering professional, college and high school sports. He earned his undergraduate degree in psychology from the University of Notre Dame and his MBA degree from Georgetown University.