Theragenics acquires vascular access device manufacturer Galt Medical Corp.
Theragenics Corporation(R) acquiered Galt Medical Corp. effective August 2, 2006. Galt, a privately held company, develops, manufactures and markets disposable medical devices utilized for vascular access, primarily serving the interventional radiology and interventional cardiology markets. Galt's current products include guidewires, micro-introducer kits and tear-away introducer sets and kits, and hemostasis valved introducer kits and sets. This transaction further diversifies Theragenics' medical device and surgical businesses and leverages the Company's existing strengths within these markets. Theragenics expects this acquisition to be EPS neutral in 2006 and accretive in 2007.
Theragenics paid approximately $31.9 million for the acquisition of Galt. The purchase price consisted of approximately $28.8 million in cash and the issuance of 978,000 common shares valued at $3.1 million. Theragenics financed $7.5 million of the purchase price with borrowings on its existing $40.0 million credit facility.
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