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Medical devices maker Sahajanand Medical Technologies (SMT) on May 28 said it had acquired Vascular Concepts making a foray into the structural heart segment.
The acquisition was completed on May 27. The financial considerations of the deal were not disclosed.
The acquisition will strengthen SMT’s position in the advance medical technologies by adding aortic valves to its product categories, besides its landmark innovative biodegradable polymer-coated coronary stent system.
Vascular Concepts has developed and launched the Hydra transcatheter aortic valve system, which received Indian regulatory approval in 2020. It is used for the treatment of high-risk patients suffering from severe and symptomatic aortic valve stenosis.
SMT said even after the acquisition, Vascular Concept will retain its distinct brand and independence. Swaminathan Jayaraman, CEO of Vascular Concepts will continue to manage the operation of the company.
Vascular Concepts comprises of two entities, based in India and Thailand. The medical device firm has more than 200 employees, two manufacturing setups and two research and development centres.
It is one of the oldest Indian medical device companies established by Swaminathan Jayaraman in 1988. It has a diversified product portfolio which includes coronary stents, cardiac closure devices, peripheral stents, unique balloon catheters like PTMC balloons and TAVI.
The global market for heart valves is expected to cross $6 billion by the end of 2023 at a CAGR of 20 percent. The Transcatheter Aortic Valve Replacement (TAVR) is an innovative non-surgical procedure that substitutes the high-risk open-heart valve replacement surgery. This procedure is quickly becoming the preferred option for the majority of the heart valve patients in India.
“Structural heart segment is a fast-growing segment in the cardiovascular industry. We strongly believe that SMT will play a major role within this segment and provide solutions to benefit patients and its wide customer base," said Chairman of Sahajanand Group, Dhirajlal Kotadia.
With the addition of aortic valves to its product categories, SMT advances in its mission to provide best-in-class cardiac care to the healthcare community and patients.