Irvine-based Cardiogenesis Corp. is being bought for $22 million by CryoLife Inc., the companies said Tuesday.
Cardiogenesis, which had sales of $11.3 million last year, makes devices used to treat people with angina, or chest pain, resulting from coronary artery disease.
The company’s devices are used for treating angina patients who don’t respond to standard drug treatment.
Kennesaw, Ga.-based CryoLife, which has annual sales of about $117 million, makes replacement heart valves and other medical devices and processes cardiovascular tissue.
CryoLife said Cardiogenesis brings it a pipeline of potential new products. It said the current market potential for surgical procedures that Cardiogenesis operates in is estimated at greater than $175 million.
There will be no initial job cuts at Cardiogenesis, which has 34 workers, as a result of the deal because it will determine how many workers it needs by year’s end, said D. Ashley Lee, CryoLife’s chief financial officer.
“Longer term, we do not plan on keeping the facility in Irvine,” Lee said.
