Benzinga | Sep 2, 2020 04:03PM EDT

CryoLife Acquires Ascyrus Medical; Will Pay Upfront Payment Of $80M And Up To $120M In Milestones

Terms of the AgreementsUnder terms of the agreements, CryoLife will acquire Ascyrus Medical for up to $200 million, consisting of:

$80 million upfront payment, consisting of $60 million in cash and $20 million inTerms of the Agreements

Under terms of the agreements, CryoLife will acquire Ascyrus Medical for up to $200 million, consisting of:

* $80 million upfront payment, consisting of $60 million in cash and $20 million in CryoLife common stock

* Up to $120 million in milestone payments, consisting of: $20 million upon U.S. IDE approval, consisting of $10 million in cash and $10 million in CryoLife common stock $25 million upon U.S. PMA $10 million upon Japan approval on or before June 30, 2027 $10 million upon China approval on or before June 30, 2027 Up to $55 million (or up to $65M-$75M if Japanese or Chinese approval are not secured on or before June 30, 2027) based on 2 times non-European based incremental sales in the 36 months subsequent to U.S. FDA approval