CryoLife completes On-X Life Technologies takeover

CryoLife has announced the completion of its previously-announced acquisition of On-X Life Technologies, a manufacturer of mechanical heart valves.

The purchase, which was agreed in December 2015, has been valued at $130 million (91.92 million pounds) and will give CryoLife better access to the growing global mechanical valve market.

On-X Life Technologies is based in Texas and offers a highly advanced portfolio of products, including the groundbreaking US-approved On-X aortic valve, which will now be owned by CryoLife.

It generated around $33 million in revenues in 2014 and has recorded a compound annual growth rate of approximately 13 percent over the last four years, demonstrating its strong prospects for further expansion.

To date, On-X valves have been implanted in more than 200,000 patients, and double-digit compound growth is expected for the On-X portfolio between 2016 and 2020.

Patrick Mackin, chairman, president and chief executive officer of CryoLife, said: "We believe this will be a transformative acquisition for CryoLife that will significantly enhance the size of our addressable market and growth potential."