Cianna Medical to be Acquired by Merit Medical Systems
On October 1, 2018, Merit Medical Systems, Inc., a manufacturer and marketer of disposable medical devices, announced that it has signed a definitive merger agreement to acquire Cianna Medical, Inc., a producer and distributor of devices for the treatment of early-stage breast cancer. Wilson Sonsini Goodrich & Rosati is advising Cianna Medical in the transaction.
The deal includes an upfront payment of $135 million with potential earn-out payments of an additional $15 million for achievement of certain metrics, and up to an additional $50 million for achievement of sales milestones. The transaction has been approved by the board of directors of both companies, and is subject standard regulatory review, Cianna Medical shareholder approval, and other customary closing conditions. It is anticipated that the transaction will close during the fourth quarter of 2018.
For more information, please see Merit Medical's press release.