SurModics Buys NorMedix for $14M

Eden Prairie, Minn.-based SurModics has boosted its vascular device expertise with the acquisition of minimally invasive catheter technologies provider NorMedix.

The acquisition, valued at roughly $14 million, follows SurModics’ recent purchase of Creagh Medical, which manufactures balloon catheters. SurModics will make an upfront payment of $7 million, plus an additional $7 million based on the achievement of certain milestones.

SurModics aims to combine these purchases with its coating and drug delivery technologies to develop highly differentiated delivery and therapeutic intravascular solutions. — Michael Cipriano