Medtech Company CSI Acquires Assets of Israeli Company Gardia for $17 Million

Nasdaq-listed Cardiovascular Systems Inc. (CSI) has acquired some of the assets of Israel-based Gardia Medical for $17 million plus royalties, Gardia's parent company Alium Medical Ltd. announced Tuesday. The assets in question are Gardia's WIRION system, which helps reduce complications during minimally invasive interventional procedures.

CSI paid $7 million during the signing of the agreement, $5.6 million of it in cash and the rest in stock, and another $10 million will be paid when the manufacturing business changes hands. CSI will also pay Alium another $3 million for every $10 million of net revenues gained from the system's sales beyond sales of $30 million, for a set period of time.