Lombard Medical Acquires Altura Medical

| Printer friendly version

Lombard Medical, Inc. recently announced that it has acquired Altura Medical.  Lombard is an Irvine, California-based medical device company that makes devices for endovascular aneurysm repair (EVAR) of abdominal aortic aneurysms (AAAs), including the AorfixTM Endovascular Stent Graft.  Altura Medical is a privately-held, venture-backed company, which is based in Silicon Valley.  Altura has developed an ultra-low profile endovascular stent graft technology for the treatment of AAA, which received a CE Mark this year.

Depending on milestones, the acquisition could be worth $50 million.  According to the terms of the transaction, Lombard will pay $23 million now in the form of: the issuance of $15 million of Lombard common stock at $4 per share; the assumption of $5.5 million in bank debt; and $2.5 million in liabilities and transaction-related costs.  Additional payments of up to $27.5 million may be paid over the next five years based on achievement of commercial and regulatory milestones.

Lombard plans to launch Altura’s endograft system in Europe in January 2016, to be followed by a larger international launch later in the year.  Simon Hubbert, Lombard’s CEO, stated:

The combination of Altura’s technology with our flagship AorfixTM platform creates a truly patient driven platform that we believe will allow us to capture share from our competitors. The Altura device offers a simple, safe and efficient treatment option for standard AAA anatomy, while Aorfix offers the only on-label solution for patients with Aortic neck angulation up to 90 degrees.

Allyson Brown
Allyson Brown is an associate in our Orange County office. She specializes in intellectual property law, with an emphasis on patent prosecution and litigation related to medical devices and biotechnology. During law school, she served as an Articles Editor for the Vanderbilt Journal of Entertainment and Technology Law.
Click here to read full bio
View all posts published by Allyson Brown »

Leave a Reply

By using this blog, you agree and understand that no information is being provided in the context of any attorney-client relationship. You further agree and understand that nothing herein is intended to be legal advice. This blog is solely informational in nature, and is not intended as, and should not be used as, a substitute for competent legal advice from a retained and licensed attorney in your state. Knobbe Martens LLP makes no representations or warranties as to the accuracy, completeness, timeliness or availability of the information in this blog. Knobbe Martens LLP will not be liable for any injury or damages relating to your use of, or access to, any such information. Knobbe Martens LLP undertakes no obligation to correct or update information on this blog, which may be incorrect or become incorrect or out of date over time. Knobbe Martens LLP reserves the right to alter or delete content or information on the blog at any time. This blog contains links and references to other websites and publications that you may find of interest. Knobbe Martens LLP does not control, promote, endorse or otherwise have any affiliation with any other websites or publications unless those websites or publications expressly state such an affiliation. Knobbe Martens LLP further has no responsibility for, and makes no representations regarding, the content, accuracy or any other aspect of the information in such websites or publications.