CryoLife Agrees to Buy On-X

Cardiac and vascular surgery company CryoLife has entered into an agreement to acquire Austin, Texas-based On-X Life Technologies Holdings. The deal is expected to close next month.

CryoLife will pay $130 million upfront for On-X, which is a player in the mechanical valve market. On-X was founded in 1994 as the Medical Carbon Research Institute and scored PMA approval for its On-X prosthetic heart valve in 2002. It changed its name to On-X in 2007.

On-X generated revenue of approximately $33 million in 2014, according to CryoLife. — Elizabeth Hollis