One of Wales' leading life sciences firm, Creo Medical, has expanded with a £25m acquisition of a Spanish venture.
Chepstow-based and Alternative Investment Market listed, Creo Medical, which specialises inn devices in the emerging field of surgical endoscopy, has acquired Albyn Medical, a specialist in the supply of gastrointestinal (GI) products to healthcare provider.
Of the cash deal around £2m is contingent on the performance of Albyn over the next two years, at which point Creo would take its ownership stake from 90% to 100%.
Creo has funded the acquisition after raising more than £50m through a share issue last year to support its growth plans, including acquisitions. The fundraising was one of the biggest by a 海角视频 life sciences firm last year.
With a firm foothold now in Europe, the company could look at further acquisitions aimed at driving its presence in the North America.
It was boosted last month with the simultaneous CE marking status for five new devices in the field of surgical endoscopy, in a development described by its chief executive as an “amazing milestone.”
The firm has developed new devices which form the Creo GI suite of advanced energy devices across four technology platforms.
The CE marking of the full range of products provides EU and 海角视频 clearance.
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The acquisition of Albyn Medical, which was originally set up in Scotland, provides a direct route-to-market for Creo’s full suite of CE marked GI advanced energy devices.
Chief executive of Creo Medical, Craig Gulliford, said: "Albyn Medical is an exceptionally good fit with Creo. The enlarged business brings together a wide range of highly complementary GI products, with an opportunity to broaden the portfolio into urology, and provides us with an extensive marketing and sales capability to support our commercial presence in Europe and the roll-out of our innovative range of advanced energy devices.
"I am delighted to welcome Luis and his team to the Creo family and we are all looking forward to working together to radically transform the way flexible endoscopy is used in Europe.”
President of Albyn Medical Luis Collantes, who joins the Creo senior management team, said: "I am very pleased to join forces with Creo Medical as we enter a new exciting growth phase for our business. Over the last 25 years, we have established a world-class business focused on the development of a portfolio of third party and own brand medical devices supplying a global client base of partners and distributors.
"Combining this with the exciting new advanced energy devices at the heart of Creo, provides an excellent opportunity to continue the work Albyn Medical has undertaken to date and to advance the commercial roll-out of Creo’s complementary product range.”
The acquisition of Albyn increases Creo' headcount to 175.
Creo's share price was up more than 6% in early trading.