JOTEC joins the CryoLife family

12-Oct-2017 - Germany

On October 10, 2017, the Hechingen-based medical device company JOTEC and the US company CryoLife signed an agreement under which CryoLife will acquire JOTEC for 225 million US Dollars, consisting of 75 percent in cash and up to 25 percent in Candy common stock issued to JOTEC’S shareholders.

The acquisition, once closed, will result in the creation of one of the world's leading international companies in the field of medical products for cardiovascular surgery with more than 1,000 employees. With the acquisition, CryoLife will strengthen its presence and growth outside North America. Among other things, in the next five years, the acquisition will give JOTEC access to the strategically important US market with its high growth potential. JOTEC”S Hechingen location will be maintained and expanded in the medium and long term, and the highly respected JOTEC brand will be retained.

CryoLife is a U. S. company listed on the New York Stock Exchange (NYSE) and a global manufacturer of innovative biological tissue materials, mechanical heart valves, surgical adhesives and other cardiovascular products. As one of the world's leading medical technology companies, CryoLife aims to restore patients' health and quality of life. The company is headquartered in Kennesaw, Georgia, USA, not far from the metropolis of Atlanta. CryoLife currently employs about 700 people.

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Since its foundation in 2000, JOTEC has developed into one of the leading endovascular medical device companies in Europe with a broad portfolio of surgical vascular prostheses and stent graft systems for the treatment of aortic diseases. JOTEC distributes and markets these highly differentiated and innovative products in Germany, Italy, Spain, Poland, Great Britain, Austria, Switzerland, Brazil and the United Kingdom via direct sales representatives and sales offices, and in many other countries through distributors. JOTEC has achieved double-digit sales growth in recent years and has thus grown significantly faster than its competitors and the vascular therapy market.

CryoLife and JOTEC products complement each other with little to no overlap in their product portfolios. In the future, the combined CryoLife and JOTEC product lines will be marketed by a significantly larger direct sales team, which is excellently networked in both cardiovascular and vascular surgery.

“We are firmly convinced that we have found the perfect partner in CryoLife to further drive our growth and set the course for a successful future", says JOTEC Managing Director Thomas Bogenschütz, who will continue to lead the Hechingen site and also assume, upon close of the transaction, a key role in the new company as General Manager, JOTEC and Vice President of Sales, EMEA.

Commenting on the acquisition, Pat Mackin, Chairman, President and CEO of CryoLife, said: "JOTEC has established itself internationally with its innovative products and has an impressive track record of success. We are excited about the prospect of JOTEC becoming a part of the CryoLife family."

Thomas Bogenschütz added: "Particularly in view of the anticipated future expansion of JOTEC products into the United States, which is currently the world's largest market for medical devices, JOTEC will benefit from CryoLife's extensive experience in the FDA approval process for Class III medical devices and a strong sales team in the USA. The Hechingen production site will play a decisive role in this anticipated entry of JOTEC products into the US markets and it will be expanded accordingly to provide the products for this purpose."

https://www.bionity.com/en/news/165220/jotec-joins-the-cryolife-family.html