Cardinal Health has announced an agreement to acquire privately held AccessClosure Inc., a leading manufacturer and distributor of extravascular closure devices in the United States, for $320 million, a deal that is expected to close by early June 2014.
Cardinal Health, Inc. describes itself as the “business behind health care”, helping pharmacies, hospitals, ambulatory surgery centers, clinical laboratories and physician offices focus on patient care while reducing costs, enhancing efficiency and improving quality. With a business as big ($101 billion) and diverse as Cardinal’s, it might seem a strange move to acquire a specialist firm like AccessClosure with its very niched focus on closure of the femoral artery following interventional procedures. Having said which, if Cardinal Health is true to its stated aim, which is to concentrate on promoting “enabling” devices that enhance efficiency, then AccessClosure’s Mynx Ace device ticks that box quite well. It is, after all, one of the pioneering Mynx family of extravascular products that claims to help care teams reduce time to hemostasis and ambulation in patients who have undergone diagnostic or interventional endovascular procedures.
AccessClosure’s annual sales are more than $80 million, driven by a direct sales force. The company’s Mynx family of patient-friendly vascular closure devices helps physicians seal the femoral artery using a unique, secure sealant, which dissolves within 30 days, leaving nothing behind but a healed artery. Mynx allows patients to safely ambulate more quickly, which in turn, means patients can return home sooner.
for Cardinal Health
“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,” said 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.”
Dr. Shaden Marzouk, vice president clinical affairs for Cardinal Health noted, “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.”
for Access Closure
Gregory Casciaro, president and CEO of AccessClosure, said, “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.”
Source: Cardinal Health, PR Newswire