Cardinal Health will purchase AccessClosure Inc., a manufacturer and distributor of extravascular closure devices, for $320 million. The transaction is expected to close by early June 2014.
“We are excited about this opportunity because it provides a scalable platform – with an outstanding product, strong customer base, cost-effective service model, and seasoned management team. Our goal is to become the partner of choice for solutions that improve patient care while reducing the cost and complexity of procedures for hospital systems,” says Don Casey, CEO of Cardinal Health’s Medical Segment. “Last year we launched our orthopedic trauma solutions to great response, and this acquisition will broaden our offering in another physician preference category. We look forward to further expansion.”
Gregory Casciaro, president and CEO of AccessClosure, says, “We are extremely pleased to join a healthcare solutions company like Cardinal Health which has existing scale and a structure to grow this business more rapidly and meet the needs of our current and future customers. With Cardinal Health’s resources and customer relationships, we can now more readily answer market demand for our innovative solutions that improve both the doctor and patient experience.”
AccessClosure’s Mynx family of vascular closure devices helps physicians seal the femoral artery using a secure sealant, which dissolves within 30 days, leaving nothing behind but a healed artery.
Dr. Shaden Marzouk, vice president clinical affairs for Cardinal Health, says, “This acquisition will create a platform for an interventional suite offering that is differentiated in the marketplace. Cardinal Health offers customers and their patients high quality, value-priced solutions that include other services, resources, and tools for service line optimization. We know that these innovative, patient-centered solutions are extremely important in today’s evolving healthcare landscape.”
Headquartered in Dublin, Ohio, Cardinal Health provides pharmaceuticals, medical products, and services, and is also a direct-to-home medical supplies distributor. The company manufactures medical and surgical products, including gloves, surgical apparel, and fluid management products.
AccessClosure is headquartered in Santa Clara, Calif.
Release Date: April 2, 2014
Source: Cardinal Health