Intersect ENT Inc., a company transforming care for patients with ear, nose and throat (“ENT”) conditions, announced it closed the previously announced transaction to acquire Fiagon AG Medical Technologies, a leader in electromagnetic surgical navigation solutions, for 60 million euros in cash.
 
Under the previously disclosed terms of the agreement, announced earlier this fall, Intersect ENT will make an initial 15 million euros payment at the time of the closing and 15 million euros annual payments for the subsequent three years. The acquisition is expected to be accretive to top-line growth in the first year post close.
 
"We are pleased to have successfully closed this strategic acquisition and welcome the Fiagon team,” said Thomas A. West, president and CEO of Intersect ENT. “Acquiring Fiagon enhances our competitive offering to our customers with an innovative portfolio of balloons, navigation and localized drug delivery. Strategically, this deal moves us from a single technology company of bio-absorbable drug-eluting stents to a more diversified and comprehensive solutions-oriented ENT company operating across the care continuum to help patients.”
 
Fiagon’s mission is to improve patient outcomes by equipping physicians with its proprietary, easy-to-use, accurate and integrated surgical navigation solutions. The acquisition expands Intersect ENT’s portfolio to support both routine and complex ENT procedures and positions the company to better serve the growing market for ENT surgical and office-based procedures. It also extends the company’s footprint in U.S. and European ENT physicians’ offices. The Fiagon executive team, led by President and CEO Dr. Kai Desinger, will join Intersect ENT.
 
Goldman Sachs & Co. LLC acted as exclusive financial advisor to Intersect ENT and Cooley LLP and Fieldfisher (Germany) LLP acted as its legal counsel. Oppenheimer acted as financial advisor to Fiagon and Morrison & Foerster LLP acted as its legal counsel.