Lowenstein Sandler represented Artegraft, Inc. in the sale of its business and assets to LeMaitre Vascular, Inc. (Nasdaq: LMAT) for $90 million, including $72.5 million in cash paid at closing as well as potential earnout payments of $17.5 million payable based upon future sales of the acquired business. Under the terms of the deal, LeMaitre will continue to operate Artegraft’s manufacturing facility in North Brunswick, New Jersey, for at least three-and-a-half years and will retain most of Artegraft’s employees.
Artegraft processes and sells biologic vascular grafts that are derived from bovine carotid arteries and are implanted primarily in hemodialysis access patients. Artegraft generated trade sales of $15.6 million and estimated hospital-level sales of $18.6 million during the 12-month period ended May 31, 2020. LeMaitre Vascular is a provider of devices, implants, and services for the treatment of peripheral vascular disease, a condition that affects more than 200 million people worldwide.
The Lowenstein deal team includes Michael J. Lerner, Michael Reinhardt, Annie Nazarian Davydov, Darren Goodman, Robert J. Paradiso, Mary E. Storella, Brian A. Silikovitz, Sophia Mokotoff, James C. Shehan, Norman W. Spindel, Taryn E. Cannataro, Danielle M. Falzone, and Jesse S. O’Connell.