Endologix and LeMaitre Vascular announced that the companies have entered into an early termination agreement for LeMaitre’s distribution rights of Endologix’s aortic endovascular products in Europe.
Under the terms of the agreement, Endologix will pay LeMaitre US$1.3 million to begin selling direct on 1 September 2011. Previously, LeMaitre held distribution rights in certain European countries for Endologix’s Powerlink system, and related products, through 30 June 2013.
John McDermott, president and CEO of Endologix, commented, “This agreement allows us to accelerate our planned transition to a direct sales force in Europe and gain control of the sales channel at an important time in the development of our European business. It provides us with the opportunity to begin establishing a presence and developing physician relationships ahead of the anticipated European launch of our Nellix endovascular system and Ventana fenestrated stent graft system in 2012. Both organisations are committed to a smooth transition and we would like to thank LeMaitre for their partnership over the past few years.”
LeMaitre Vascular also announced that it has divested its TAArget and UniFit stent graft product lines to Duke Vascular for an undisclosed amount and the assumption of certain related liabilities.
George W LeMaitre, chairman and CEO of LeMaitre, said, “These two transactions mark our exit from the stent graft market, which will allow us to focus on our own core vascular products, where we believe our sales force can drive the most value. We expect that the outcome will eventually be a leaner, faster-growing organisation. These transactions will also help offset some of the restructuring payments and charges that we have incurred in recent quarters.