June 16, 2019
Merit Medical Acquires Brightwater Medical
June 17, 2019—Merit Medical Systems, Inc. announced that it has acquired Brightwater Medical, Inc. The transaction consists of a $35 million upfront payment and potential earn-out payments of up to $15 million based on receipt of CE Mark approval and achievement of future sales targets.
Brightwater Medical's primary product, the ConvertX, is a single device used to replace a series of devices and procedures used to treat severe obstructions of the ureter. The system is designed to be implanted once and converted from a nephroureteral catheter to a nephroureteral stent without requiring sedation or local anesthesia. Brightwater Medical recently received FDA clearance for the ConvertX biliary stent system.
Brightwater Medical, which is based in Temecula, California, was founded by Robert Smouse, MD, Professor of Radiology and Surgery, University of Illinois College of Medicine in Peoria, Illinois.
During the next several months, Merit Medical intends to maintain Brightwater Medical’s production capabilities in Temecula while duplicating those capabilities in its catheter facility in Pearland, Texas, before transferring the ConvertX manufacturing operations to its Pearland facility, stated the company.