Merit Medical Systems has entered into a definitive agreement to acquire the C2 CryoBalloon device and its associated technology from Pentax聽Medical’s subsidiary, Pentax of America.
The proposed total consideration by Merit, valued at $22m, includes a payment of $19m in cash at closing and additional contingent payments that could reach up to $3m, subject to the achievement of specified milestones.
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The completion of this acquisition is due to take place before the end of 2025, pending the satisfaction or waiver of certain standard closing conditions as outlined in the asset purchase agreement.
Merit said that this strategic move is set to bolster the company鈥檚 presence in the gastroenterology sector, expanding its capacity to address the needs of individuals affected by chronic gastroesophageal reflux disease as well as other gastrointestinal tissue conditions.
The company aims to incorporate the C2 CryoBalloon operation into its Endoscopy division, enhancing its current product range and customer network.
Merit Medical Systems CEO and president Martha Aronson said: 鈥淭he proposed acquisition reflects Merit鈥檚 commitment to advancing minimally invasive solutions for gastrointestinal disorders.
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Merit has plans to relocate product manufacturing to Utah, US, in the coming months.
The company also expects several Pentax employees currently involved with the C2 CryoBalloon business will transition to Merit.
Financial advisory services for Pentax Medical were provided by JP Morgan Chase & Co, while Merit received legal counsel from Parr Brown Gee & Loveless, and Pentax Medical was advised by Morrison & Foerster.
The C2 CryoBalloon is used to treat Barrett’s oesophagus and the less common gastric antral vascular ectasia syndrome by freezing and removing abnormal cells while preserving the surrounding healthy tissue.
Since 2017, the C2 CryoBalloon has been a key offering in Pentax Medical’s therapeutic line-up, providing a less invasive treatment alternative for individuals with Barrett’s oesophagus and other gastrointestinal conditions.
In August 2025, Merit commenced the first subject enrolment in the WRAP North America registry, which aims to gather real-world clinical data on the Wrapsody cell-impermeable endoprosthesis device.
