CryoLife to acquire Cardiogenesis

CryoLife has announced that it is to acquire Cardiogenesis in an all-cash transaction worth around $22 million (13.7 million pounds).

The deal, which is expected to close in mid-to-late May 2011, sees CryoLife gain control of a leading developer of medical devices for treating refractory angina resulting from diffuse coronary artery disease.

Among the products in Cardiogenesis' portfolio is the market-leading YAG laser system, which is used in transmyocardial revascularisation, as well as the Phoenix system for intramyocardial delivery of biologic materials during these procedures.

The takeover will complement and strengthen CryoLife's offering in the cardiovascular surgery sector and is expected to lead to revenue growth in the coming years.

Steven Anderson, chairman, president and chief executive officer of CryoLife, said: "We look forward to welcoming Cardiogenesis employees to the CryoLife team as we work together to create opportunities for our customers and investors."

During 2010, CryoLife generated a record revenue total of $116.6 million, up by four percent compared to the year before.