A leading manufacturer and marketer of disposable medical devices used in intervention, diagnostic and therapeutic medical procedures, South Jordan-based Merit Medical Systems Inc. will make an estimated $505 million investment to expand its operations in Utah. The company expects to add up to 1,010 jobs.
The company also recently expanded with the acquisition of Cianna Medical in Aliso Veigo, California.
“We are appreciative that the State of Utah has chosen to invest in us as a homegrown company dedicated to improving the lives of patients and building long-term opportunities for our children and grandchildren,” said Fred P. Lampropoulos, Merit Medical Chairman & CEO. “We are hiring students from our state’s great institutions of higher education as engineers, mathematicians, statisticians, marketing and business professionals. We are committed to growing our business with local talent in all areas.”
According to the Governor’s Office of Economic Development, Merit Medical plans to create up to 1,010 jobs over the next 15 years. As an incentive, Merit Medical may earn up to 25 percent of the new state taxes they will pay over the 15-year life of the agreement in the form of a post-performance Economic Development Increment Finance tax credit rebate.
As part of the contract with Merit Medical, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $17,873,757. Each year that Merit Medical meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.
In October, Merit Medical Systems signed a definitive merger agreement to acquire Cianna Medical, Inc., headquartered in Aliso Viejo, California. Cianna Medical is a leader in wire-free breast localization and has been focused on breast conservation for 11 years.
“This transaction adds to Merit a technology leader in breast tumor localization that is precise, highly directional, and visible,” said Lampropoulos. “With more than 350 initiations and 45,000 wire-free localizations to date, the SAVI SCOUT is complementary to Merit’s strategic biopsy initiatives. The product has FDA clearance and is the subject of a pending application for CE mark approval. We believe there are substantial global growth opportunities for the Cianna Medical products, especially considering Merit’s expansive global footprint.”
“Merit plans to keep substantially all of Cianna Medical’s commercial and R&D teams in place and to enhance overall coverage in areas currently underserved by Cianna Medical,” Lampropoulos said. “We want to maintain the momentum of the Cianna Medical team while adding enhanced logistical and clinical support.”
Cianna Medical President & CEO Jill Anderson said, “The planned merger is a fusion of shared values focused on addressing real healthcare needs that improve lives. Our companies share a rich history of developing technologies that put patients’ needs first. Merit Medical brings exceptional resources to the Cianna Medical team that will intensify its growth and broaden its focus beyond breast cancer. I am delighted that Mr. Lampropoulos will lead an efficient integration of our companies for the benefit of our employees, physicians, hospitals and the women we serve.”