All of the outstanding shares of Crossmed, Penumbra's exclusive distributor in Italy, have been acquired by the Alameda, Calif.-based medtech company for approximately $9.6 million, making Crossmed a wholly owned subsidiary of Penumbra. Additional net revenue-based milestone payments will be paid by Penumbra, as well as "additional consideration based on incremental net revenue, for each of the fiscal years ended December 31, 2017, 2018 and 2019," an SEC filing showed.
Penumbra announces acquisition of Italian distributor
Sign up for AdvaMed SmartBrief
Medical technology news
Get the intelligence you need: news and information that is changing your industry today, hand-curated by our professional editors from thousands of sources and delivered straight to your inbox.