Ambu acquires Invendo Medical for €225 million

The purchase price of EUR 225 million includes contingent payments of up to EUR 110 million. Invendo Medical is a privately held medtech company that employs 35 people and is located in Kissing, Germany. The company has developed a single-use gastrointestinal platform of which the second version of the first product – a HD colonoscope – is expected to be CE marked and have FDA clearance in 2018. Ambu already operates in the field of single-use pulmonary endoscopy (visualisation of the airways) of which there are approximately 5 million procedures annually. With the acquisition of Invendo Medical, Ambu enters the field of gastrointestinal endoscopy (visualisation of the stomach and intestines) of which there are approximately 70 million procedures annually. "This acquisition is a massive upgrade of our business potential. We introduced single-use endoscopy for airway procedures with the Ambu aScope, and now, we will get ready to introduce single-use for the gastrointestinal procedures," says Lars Marcher, CEO of Ambu. "This is an important acquisition that puts Ambu in an ideal position to further disrupt the reusable market within endoscopy." The up-front payment for Invendo Medical is EUR 115 million on a debt and cash free basis. Contingent payments up to additional EUR 110 million consist of EUR 70 million in milestone payments based on FDA clearance of future products and EUR 40 million in earn-out over a four-year period. A committed financing structure is in place to cover the full purchase price of EUR 225 million.