LONDON: Creo Medical Group plc, the medical device company focused on the emerging field of surgical endoscopy, announced the acquisition of Albyn Medical S.L., a European specialist in the supply and manufacture of Gastroenterology, Urology and Endoscopy products to healthcare providers, for an equity value of €24.8 million plus up to €2.7m of performance related consideration payable over the next two years.

With a sales and marketing team of nearly 40 people and a direct presence in Spain, France, Germany and the UK, the acquisition of Albyn Medical fits with the strategy set out by Creo at the time of its fundraising last year and provides it with a commercial and distribution platform to accelerate the development of its business in Europe. Albyn Medical focuses on gastrointestinal (“GI”) products and the acquisition provides a direct route-to-market for Creo’s full suite of CE marked GI advanced energy devices.

Creo expects to introduce the devices into clinical practice and for commercialisation across Europe to commence in the second half of this year.

Luis Collantes, President of Albyn Medical, commented: “I am very pleased to join forces with Creo Medical as we enter a new exciting growth phase for our business. Over the last 25 years, we have established a world-class business focussed on the development of a portfolio of third party and own brand medical devices supplying a global client base of partners and distributors. Combining this with the exciting new advanced energy devices at the heart of Creo, provides an excellent opportunity to continue the work Albyn Medical has undertaken to date and to advance the commercial roll-out of Creo’s complementary product range.”

Craig Gulliford, CEO of Creo, commented: “Albyn Medical is an exceptionally good fit with Creo. The enlarged business brings together a wide range of highly complementary GI products, with an opportunity to broaden the portfolio into Urology, and provides us with an extensive marketing and sales capability to support our commercial presence in Europe and the roll-out of our innovative range of advanced energy devices. I am delighted to welcome Luis and his team to the Creo family and we are all looking forward to working together to radically transform the way flexible endoscopy is used in Europe.”