Sometimes it just comes down to finding the right fit. That seems to be the story in the medtech industry these days as companies are stepping up to acquire divested assets. The latest chapter in the divestitures story comes from Becton Dickinson & Co. The Franklin, Lakes, NJ-based company divested the assets of its Cardial business to LeMaitre Vascular for $2 million.
Cardial's product lines, including knitted and woven vascular grafts, valvulotomes and surgical glue, are now available through LeMaitre Vascular. Sales of the business during the latest 12-month period were €3.3 million, concentrated mostly in Europe.
LeMaitre Vascular said it expects the acquired business to contribute $0.3 million in sales and $1.6 million in operating income in 4Q18. The operating income contribution includes an estimated $1.7 million gain resulting from the excess of the value of the assets acquired over the purchase price.
In September, LeMaitre acquired the vascular clot management business of Applied Medical Resources Corp. for $14.2 million.
Other divestitures include Clearwater, FL-based Bovie Medical divesting its electrosurgical offerings to Specialty Surgical Instrumentation, a subsidiary of Symmetry Surgical, for $97 million.
Earlier this month, HJ Capital 1, the parent company of SeCQure Surgical, acquired the biosurgery business from Atrium’s owner, Getinge, for an undisclosed sum. Johnson & Johnson has also been through a string of divestitures.