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Irvine-based Lombard Medical Inc. said today it bought startup Altura Medical Inc. in a deal that could be worth more than $50 million, depending upon milestones.
Lombard makes devices used to repair abdominal aortic aneurysms. Its lead device is Aorfix, which has Food and Drug Administration clearance.
Lombard will pay $23 million now, with other payments of up to $27.5 million possible based on commercial and regulatory milestones.
Menlo Park-based Altura makes an endograft device that is also used to treat abdominal aortic aneurysms. Altura’s device has European regulatory approval and Lombard said in a release that it planned to file for an investigational device exemption for Altura with the FDA early next year.
Lombard, which is publicly traded, reported an $8.2 million loss on revenue of $4.5 million in the second quarter.
The company’s shares closed up 7% to a market value of $62.5 million.