Intersect ENT Announces Agreement to Acquire Fiagon for $71M
Intersect ENT, Inc., a company transforming care for patients with ear, nose and throat (“ENT”) conditions, today announced it has entered into an agreement to acquire Fiagon AG Medical Technologies, a leader in electromagnetic surgical navigation solutions, for €60 million in cash. Under the terms of the transaction, Intersect ENT will make an initial €15 million payment at the time of the closing and €15 million annual payments for the subsequent three years. The acquisition is expected to close within 30 days, subject to customary closing conditions.
“Fiagon represents a strategic technology acquisition for Intersect ENT that immediately expands our portfolio of ENT product offerings, complements our existing PROPEL® and SINUVA® sinus implants and helps extend our geographic reach,” said Thomas A. West, President and CEO of Intersect ENT. “Fiagon develops, and commercializes globally, innovative electromagnetic surgical navigation systems and an associated suite of surgical tools targeted to the ENT surgical space. In addition, in August of 2020 Fiagon received US FDA 510K clearance for a navigable sinuplasty balloon. The combination of the Intersect ENT and Fiagon portfolios allows Intersect ENT to deliver more comprehensive surgical solutions across the sinusitis care continuum regardless of site of care. This deal is consistent with our intention to provide comprehensive value-added and evidenced-based solutions for ENT physicians and the patients they serve.”
Founded in 2007, Fiagon’s mission is to improve patient outcomes by equipping physicians with its proprietary, easy-to-use, accurate and integrated surgical navigation solutions. Fiagon’s navigation system supports both routine and complex ENT procedures enabling surgeons to track the full range of instruments deployed during a functional endoscopic sinus surgery (FESS) procedure. Fiagon’s proprietary instruments are tip-tracked and do not require calibration making them extremely intuitive and easy to use. The instruments and sinuplasty balloon can be bent and adjusted to accommodate various anatomical structures within the sinuses, allowing ENT surgeons to maximize efficiency within their procedures.
“We are excited to join the team at Intersect ENT, an established leader with an advanced therapeutic platform in the large and attractive global ENT market,” said Dr. Kai Desinger, President and CEO of Fiagon Group. “The combination of Intersect ENT’s compelling product offerings coupled with its deep commercial leadership expertise and impressive sales force offers a unique opportunity for us to jointly leverage our core innovation and commercialization competencies. We look forward to working with the Intersect ENT team to expand market penetration of our instruments and tools globally.”
The transaction is expected to close in the fourth quarter of 2020 and will be financed using balance sheet cash. The acquisition is expected to be accretive to top-line growth in the first year post close.
See Full Press Release at the Source: Intersect ENT Announces Agreement to Acquire Fiagon AG Medical Technologies for €60 Million Paid Over Three Years | Intersect ENT
Press Release by: Intersect ENT
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