Galway Bay fm newsroom – US Medical devices giant Medtronic has purchased city-based company Crospon Limited for almost €40 million.
Established at Galway Business Park in 2006, Crospon develops tools to diagnose, measure and treat gastrointestinal disorders.
According to the Sunday Times, Medtronic has confirmed the purchase but has declined to disclore the value of the deal.
However, it’s reported that subject to a number of milestones, the total value could be as high as €38 million.
Crospon currently employs 22 people and is set to expand with the backing of Medtronic.
Medtronic says the acquisition will expand its portfolio to provide solutions to oesophageal diseases from diagnosis to therapy.
Crospon was established in 2006 by John O’ Dea, who previously founded medical device firm Caradyne – which was also sold in 2004 to US firm Respironics.