Bloomington, Ind. — Cook Medical announced this morning it has signed an agreement with Merit Medical to purchase Cook’s Lead Management portfolio. This announcement is the conclusion of a series of planned Cook divestures across multiple product lines and specialties to align with Cook’s more focused vision for the future of the company.
Merit has an existing footprint in the electrophysiology (EP) space and plans to expand their presence in Lead Management. Merit is making significant investment in EP and shows they are committed to growing the business in ways that Cook has not been able to in recent years. This acquisition represents tremendous opportunity for employees, products, and patients.
“Cook is focused on our vision to deliver a continuous stream of innovative new products and services to address unmet customer needs. Part of achieving that business strategy has included reviewing our product portfolio and identifying what product lines are the best fit for Cook moving forward and which might have more opportunity to grow or thrive elsewhere. We will take the proceeds of this sale and reinvest into our other business portfolios,” said Mark Breedlove, senior vice president Cook Medical’s Vascular Division. “Merit plans to leverage the skills, expertise and deep relationships Cook has built within the space to grow in this market.
Transaction details:
- The proposed transaction is subject to applicable local consultation obligations and regulatory review globally before it can be finalized, thus we anticipate a closing in Q4 2024.
- The purchase price is $210M.
- The agreement includes all sales, product management, market development, clinical training, and clinical programs employees who are fully dedicated and deemed critical to the Lead Management business. This is approximately 24 employees globally.
- Impacted employees will receive employment offers from, or (where applicable under local law) automatically transfer to Merit as soon as the transaction closes.
About Cook Medical
Since 1963, Cook Medical has worked closely with physicians to develop technologies that eliminate the need for open surgery. Today we invent, manufacture and deliver a unique portfolio of medical devices to the healthcare systems of the world. Serving patients is a privilege, and we demand the highest standards of quality, ethics and service. We have remained family owned so that we have the freedom to focus on what we care about: patients, our employees and our communities.
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