ArthroCare Corp. ARTC, a leader in developing state-of-the-art,
minimally invasive surgical products, today announced that it has completed
the acquisition of ENTrigue Surgical, Inc., a privately held Delaware
corporation (“ENTrigue”), in an all cash transaction.
Pursuant to a Merger Agreement, ArthroCare paid $45 million in cash, subject
to customary working capital adjustments and an amount held in escrow for
indemnification. In addition, the previous shareholders of ENTrigue will have
the right to receive contingent consideration on each anniversary of the
closing for each of the next five years based on the increase in net sales
during each twelve-month period of ENTrigue products multiplied by an agreed
upon factor.
More than 30 million people in the United States are estimated to suffer from
sinusitis, which is a condition characterized by an inflammation and infection
of the nasal sinuses. Approximately 500,000 sinusitis patients are treated
surgically in the United States each year. ENTrigue designs and develops
innovative implants, disposables and instruments for endoscopic sinus surgery
including balloon dilation and will now operate within ArthroCare's ENT
product area as a complement to the ArthroCare Coblation® and Rapid Rhino®
product lines currently being used by ENT surgeons worldwide.
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