WILMINGTON, Mass. (July 6) — CardioTech International Inc. has agreed to sell its Gish Biomedical Inc. subsidiary to Medos Medizintechnik A.G. for about $7.5 million.
CardioTech — a developer and manufacturer of advanced materials and medical devices, many of them polyurethane based — is selling the business to focus more on the Wilmington firm´s technology development, production of complex medical devices, and licensing and selling specialized materials to medical product manufacturers, the company said.
On the other hand, Germany-based Medos gains a foothold in the U.S. medical device industry and the deal gives it an opportunity to introduce its own offerings in the country, said Thomas Theisen, chief sales officer of the company.
The deal is expected to close July 9.