SurModics Acquires NorMedix

January 11, 2016—SurModics, Inc. announced it has acquired NorMedix, Inc., a privately owned design and development company focused on ultra thin-walled, minimally invasive catheter technologies. NorMedix is based in Plymouth, Minnesota.

Along with the recent acquisition of Creagh Medical, this transaction strengthens SurModics’ vascular device expertise and research and development capabilities. According to the company, these strategic acquisitions combine the best-in-class capabilities of NorMedix’s catheter-based technologies, Creagh Medical’s percutaneous transluminal angioplasty balloon platform capabilities, and SurModics’ innovative coating and drug delivery technologies to develop highly differentiated delivery and therapeutic intravascular solutions.

NorMedix has developed and licensed its hemostasis sealing device to several medical device customers, as well as its advanced braiding technologies, which allow for the design, development, and manufacture of highly differentiated catheters to support complex interventional procedures. 

SurModics acquired NorMedix for $14 million, including an upfront payment of $7 million, and up to $7 million based on the achievement of revenue and other value-creating milestones through September 30, 2019. Other financial terms of the agreement were not disclosed.