Cardinal Health To Acquire AccessClosure For $320 Million
By Ryan Brinks
Drug wholesaler Cardinal Health Inc. recently announced its acquisition of extravascular closure device manufacturer and distributor AccessClosure Inc. for $320 million.
Through the deal, Cardinal Health is expected to bolster AccessClosure's $80 million in annual device sales by leveraging its international hospital supply network, according to a Columbus Business First report. The acquisition is expected to close in June pending regulatory approval.
"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, in a press release. "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."
The deal also helps Cardinal diversify its offerings and capitalize on stagnant markets, according to an article in The Columbus Dispatch.
“We’re looking to create several platforms for future growth, and this is a very important step,” Casey said. “We believe there are several categories of products that hospitals purchase in which there hasn’t been any innovation over time, and this is an opportunity to partner with hospitals.”
One of the products that Cardinal will soon be able to offer is AccessClosure’s recently launched Mynx Ace vascular closure device, which was announced as part of the annual meeting of the American College of Cardiology.
According to the press release, the Mynx Ace is part of a broader family of patient-friendly vascular closure devices that helps physicians seal the femoral artery. The devices use a unique, secure sealant that dissolves within 30 days, leaving nothing behind but a healed artery. The comfort-focused closure devices operate without the use of cinching, sutures, or metal implants.
“We are proud of the advantages Mynx Ace offers to femoral closure,” said Gregory D. Casciaro, president and CEO of AccessClosure, in a March 29 statement. “Our continual drive toward innovations that provide physicians with outstanding products to improve patient care has allowed us to develop a closure device that provides consistent results, while continuing to offer the safety and security that has become synonymous with the Mynx name.”