CryoLife Inc (NYSE: CRY), a company that deals with cardiac and vascular surgery focused on aortic disease, has acquired Ascyrus Medical LLC, a United States-based developer of the Ascyrus Medical Dissection Stent, it was reported on Wednesday.

The deal provides Cryolife with the Ascyrus Medical Dissection Stent, claimed to be the world's first aortic arch remodelling device used for the treatment of acute Type A aortic dissections, and access to around USD540m incremental global market opportunity pending regulatory approvals. It also positions the firm for high single-digit revenue growth from 2021 and non-GAAP earnings growth over the next five years, and leverages its present global direct sales organisation that calls on cardiac surgeons.

According to the terms of the deal, CryoLife is to acquire Ascyrus Medical for up to USD200m, to include USD80m upfront payment, consisting of USD60m in cash and USD20m in CryoLife common stock, up to USD120m in milestone payments, including USD20m upon US IDE approval, which includes USD10m in cash and USD10m in CryoLife common stock, USD25m upon US PMA, USD10m upon Japan approval on or before June 30, 2027 and up to USD55m if Japanese or Chinese approval are not secured on or before June 30, 2027 based on two times non-European based incremental sales in the 36 months subsequent to United States FDA approval.