In an acquisition that is now complete after a wait for the obligatory regulatory green lights, interventional stroke treatment device maker Phenox is being tucked into the metaphorical “pouch” of new parent company Wallaby Medical, which is also known for its line of stroke-treating neurovascular devices. While Phenox mainly produces stent retrievers, flow diverters, and coating tech for those implants, Wallaby has succeeded with a slate of stroke-centric catheters as well as a neuro-embolic coil system.
The €500 million ($527 million) deal, comprising both upfront and milestone payments, brings together two companies that have been in collaboration since 2019, when Phenox became the exclusive distributor of a number of Wallaby’s U.S. and Europe-based offerings. Wallaby reportedly used earnings from its recent Series D funding round (the financials for which were undisclosed) for this transaction, and possibly dipped into its late 2020 Series C totaling $45 million. Chief Executive Officer Michael Alper will remain at the helm of the new joint company, while Phenox’s founder, Dr. Hermann Monstadt, will be Managing Director of Phenox under the Wallaby umbrella. The full portfolio of Phenox product brands will remain in place.
This buyout will greatly enhance the global footprints of both companies, as Germany-based Phenox has ties to more than 45 countries in Europe and beyond, and Wallaby’s home bases in the U.S. and China have made it a dominant stroke treatment presence in those regions.