{"id":519874,"date":"2021-07-29T08:05:26","date_gmt":"2021-07-29T12:05:26","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/cryolife-announces-sale-of-perclot-to-baxter\/"},"modified":"2021-07-29T08:05:26","modified_gmt":"2021-07-29T12:05:26","slug":"cryolife-announces-sale-of-perclot-to-baxter","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/cryolife-announces-sale-of-perclot-to-baxter\/","title":{"rendered":"CryoLife Announces Sale of PerClot to Baxter"},"content":{"rendered":"
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PR Newswire<\/p>\n<\/p><\/div>\n

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\n ATLANTA<\/span>, July 29, 2021<\/span> \/PRNewswire\/ —\u00a0CryoLife, Inc. (NYSE: CRY), a leading cardiac and vascular surgery company focused on aortic disease, announced today that it has completed the sale of its PerClot product line to a subsidiary of Baxter International, Inc. (“Baxter”) (NYSE: BAX ), for up to $60.8 million<\/span> in cash. Of the $60.8 million<\/span>, CryoLife will receive up to $45.8 million<\/span> and Starch Medical, Inc. (“SMI”) will receive up to $15.0 million<\/span>. In this sale, CryoLife has transferred its PerClot product line to Baxter and SMI has agreed to transfer or extend certain rights to Baxter. In addition, CryoLife and SMI have agreed to terminate their existing PerClot licensing and supply agreements, including a mutual satisfaction of most obligations under those agreements.<\/p>\n

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J. Patrick Mackin<\/span>, Chairman, President, and Chief Executive Officer of CryoLife, said, “Baxter is the perfect partner to acquire PerClot due to its expertise in blood management and its strong hemostat portfolio. PerClot is an outstanding product, but most of the addressable market opportunity for PerClot is outside of cardiac and vascular surgery. Baxter, which has a complementary portfolio of hemostats and sealants, with corresponding customer relationships, can significantly enhance the potential for overall success of PerClot. This transaction will allow our commercial organization to continue to focus on selling our expanded portfolio of cardiac and vascular surgery products focused on aortic repair.”<\/p>\n

Under the terms of the sale, Baxter acquired the PerClot product line, including among other things worldwide marketing rights, customer relationships, intellectual property, and equipment for up to $60.8 million<\/span> in cash as outlined below<\/p>\n