February 11, 2008 – Medrad Inc. today said it entered into a definitive merger agreement to acquire Possis Medical Inc., which in combination will offer a broader, more comprehensive suite of products to the cardiovascular intervention field.
The cash tender offer is for $19.50 per share, or a total equity value of approximately $361 million. The offer price represents a premium of approximately 39 percent over Possis Medical’s average closing price for the 30 days prior to Feb. 8, 2008. The Possis Medical Board of Directors unanimously approved the transaction and will recommend the offer to its shareholders. The parties agreed to commence within the next 10 business days followed by a merger.
Medrad is a provider of contrast injection systems used to diagnose cardiovascular and other diseases. Possis Medical is a provider of mechanical thrombectomy devices used to treat narrowed or blocked arteries and veins.
Medrad says the combination of the two compatible sales organizations and shared target customer groups establishes an expansive footprint in the cardiovascular intervention field. Medrad’s broad international distribution infrastructure offers a platform for the expansion of Possis Medical’s product portfolio into largely underpenetrated international markets. The companies say the combination of Possis Medical’s thrombectomy platform and Medrad’s vascular injection systems offers a complimentary focus on high-pressure intravascular fluid management and represents a broadened base for future development of new and innovative applications.
Headquartered near Minneapolis, Possis Medical last year posted revenues of $67 million and employs approximately 280 people. Unveiled in 1997, Possis Medical’s AngioJet Rheolytic Thrombectomy System is a leading mechanical thrombectomy system. More than 300,000 patients worldwide have been treated with AngioJet therapy. Possis Medical recently launched the AngioJet Ultra System, a new easier-to-use drive unit.
For more information: www.Medrad.com