Lombard Acquires Endovascular Graft Manufacturer Altura
Lombard Medical of Irvine, Calif., has acquired Silicon Valley-based Altura Medical, developer of innovative endovascular silent graft technology.
Terms of the deal include issuance of $15 million in Lombard common stock, assumption of $5.5 million in bank debts and $2.5 million in certain liabilities and transaction-related costs along with up to $27.5 million in potential milestone payments over the next five years.
Altura’s endovascular graft system received CE Mark approval this year and Lombard plans to launch the device in Europe in 2016 with a broader international rollout later that year. The company plans to seek IDE status from the FDA in early 2016 with an eye toward a clinical study.
Lombard is a medical device company focused on endovascular aneurysm repair of abdominal aortic aneurysms. Altura was founded in 2008 in Menlo Park, Calif. and has developed endovascular graft technology to treat AAA and related conditions. — John Bechtel