CryoLife has announced the completion of its takeover of the medical technology firm Jotec, a deal worth an initial $225 million (168.09 million pounds).

This agreement will provide CryoLife with better access to the $2 billion global stent graft market by giving it control over a highly competitive and technologically advanced product portfolio.

“CryoLife has completed its acquisition of Jotec, a developer of technologically differentiated endovascular stent grafts, and cardiac and vascular surgical grafts.“

Jotec is a leading developer of technologically differentiated endovascular stent grafts, and cardiac and vascular surgical grafts, focused on aortic repair. It has achieved a 17 percent revenue compound annual growth rate over the past five years, significantly outpacing the growth of the overall European market.

It is expected that the acquired portfolio will continue to post double-digit growth outside the US for at least the next five years.

Pat Mackin, chairman, president and chief executive officer of CryoLife, said: "We believe this acquisition will enable CryoLife to deliver sustained, high single-digit revenue growth, while also diversifying our revenues into a significantly larger addressable market."

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