American medical device firm Vascular Solutions has invested $3m to acquire Venture wire control catheter from St. Jude Medical.
Having a deflectable atraumatic distal tip that can be angled up to 90 degrees, the catheter offers guidewire directional control to physicians while administering coronary and peripheral interventional procedures.
The flexibility of the catheter helps navigate complex turns in the vessel and provide back-up support while crossing tight lesions, claims the company.
The deal calls for an initial payment of $2.25m and the remaining to be paid after completing the manufacturing qualification, which is expected to be complete by the second quarter of 2013.
Vascular Solutions is looking for a quick transition of existing sales and beginning of the process to qualify production in its existing manufacturing facility with plans underway to re-launch the device globally.
Vascular Solutions CEO Howard Root said, "while the Venture catheter is an established product, the remaining finished goods inventory being transferred to us is extremely limited, which will only allow very limited sales until we have established manufacturing in-house and can perform a complete commercial re-launch in 2013."