The USA’s Allergan says it has completed the acquisition of Swiss medical technology developer EndoArt SA, which specialises in remote-controlled implants used in the treatment of morbid obesity.
Under the terms of the deal, Allergan will pay $97 million in cash, much of which will cover in-process R&D, while “an independent third-party valuation firm” has been engaged to assist Allergan in determining the estimated fair values of the acquired intangible assets.
The acquisition gives Allergan access to EndoArt’s FloWatch technology which powers the Easyband device which is surgically implanted around the upper stomach and can be adjusted when necessary according to each patient’s individual weight loss needs.
Allergan said that the purchase complements its existing obesity intervention product portfolio, notably Lapband, which is the only adjustable implant device for individualised weight loss approved in the USA. Chief executive David Pyott noted that Easyband “has exciting potential across a broad range of other medical device applications and disease categories, such as urology and gastroenterology.”