CryoLife agrees purchase of On-X Life Technologies Holdings

CryoLife has announced the acquisition of On-X Life Technologies Holdings in a deal worth $130 million (87.61 million pounds).

The Texas-based mechanical heart valve company generated revenue of approximately $33 million in 2014 and has experienced a compound annual growth rate of approximately 13 percent over the last four years.

Purchasing On-X will give CryoLife access to the $220 million mechanical valve market, providing it with a highly advanced portfolio of products, including the groundbreaking US-approved On-X aortic valve.

On-X valves have been implanted in more than 200,000 patients to date, with double-digit compound growth expected for the company's 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."

This aligns with the company's strategic goal of enhancing its growth profile beginning in 2016.