Wallaby Medical, a medical technology company focused on stroke interventional products, announced thursday It has acquired phenox GmbH, which makes devices for the treatment of stroke. The transaction is valued at approximately €500 million, including milestone payments, or the equivalent of more than $542 million.
Wallaby’s main offices are located in Laguna Hills, CA and Shanghai, China, and has been a strategic partner with phenox since 2019. Headquartered in Bochum, Germany, phenox has been Wallaby’s Avenir Coil System in the US and European markets and Wallaby’s US Esperance suction catheter coil system for the treatment or prevention of hemorrhagic stroke, which is caused by bleeding in the brain that interferes with the brain. caused by the function. A suction catheter is used to treat ischemic stroke, which is usually caused by a clot in a blood vessel in the brain.
Most of Wallaby’s products are sold in the U.S. and other major developed markets, while phenox’s neurovascular devices for ischemic and hemorrhagic stroke are sold in more than 45 countries around the world, according to the company.
“The neurovascular medical device market is expected to grow substantially due to an aging population and increasing focus on diagnosing and treating stroke. Growth in the overall market includes hemorrhagic and ischemic stroke treatment devices, a core strength of Wallaby Medical and phenox GmbH ,” Wallaby CEO said Michael Alper, who will be the CEO of the combined organization, in an email. “In terms of geographic coverage, the new Wallaby Medical will be deeply rooted in Europe and China, with a strong presence in the US and Japan. Australia and Canada are the next target markets.”
With the acquisition of phenox, Wallaby also acquires phenox’s femtos GmbH. As a spin-off company of a public research university in Germany, femtos develops and manufactures next-generation neurovascular devices for the treatment of stroke. It has particular expertise in femtosecond laser technology used to manufacture stents and other implantable devices, and serves as an incubator for the next generation of medical technologies.
The two companies’ product lines are highly complementary, Alper said. The expanded product range will give Wallaby Medical an additional competitive advantage and help the company achieve its vision of saving the most lives of stroke patients, he said.
Many major device manufacturers and health groups produce neurovascular devices.These include Stryker, Johnson & Johnson and Medtronicmaking company size, market reach, and breadth of product portfolio even more important to be competitive.
As part of the new Wallaby, phenox will retain all of its existing product brands and company founder Hermann Monstadt will become managing director of phenox. Monstadt echoed Alper’s point, reiterating that phenox and Wallaby’s products do not overlap.
“With this transaction, Fenox now has a very strong financial partner who can support the company’s international growth strategy, not only in China, but also in the US, but also provides Fenox with broad access to new markets ,” Monstadt said in an email. “What stands out most is the possibility to leverage phenox and Wallaby’s global R&D activities through this transaction. In this way, phenox will be able to provide support and stability to more patients around the world.”
Photo: Mikdan, Getty Images
