Lombard Medical Limited, the medical technology company, has been sold to a subsidiary of MicroPort Scientific Corporation (MicroPort). Lombard specialises in endovascular stent-grafts that address the repair of aortic aneurysms.
Lombard Medical Limited, the medical technology company, has been sold to a subsidiary of MicroPort Scientific Corporation (MicroPort), a premier medical solution provider covering major medical disciplines including interventional cardiology, orthopedics, interventional radiology, electrophysiology, diabetes and endocrine management and surgical management. Lombard specialises in endovascular stent-grafts that address the repair of aortic aneurysms.
KPMG ran the sales process, which resulted in a going concern sale of two operating companies in their current form. The products that Lombard has developed, including the only globally-approved stent graft for high angle and complex cases, will be able to continue being used in the market by MicroPort.
As part of the sales process, David Pike and Mark Orton from KPMG were appointed joint administrators to the parent company, Lombard Medical Technologies Limited. Immediately upon their appointment, the joint administrators concluded a pre-packaged sale of shares in Lombard Medical Limited and Lombard Medical Technologies GmbH to a subsidiary of MicroPort Scientific Corporation Group.
Following the sale, all 67 UK employees continue to be employed by Lombard Medical Limited, while one employee continues to be employed by Lombard Medical Technologies GmbH.
Commenting on the sale, David Pike, partner at KPMG, said:
“We are extremely pleased to have achieved the sale of this business. This provides Lombard with a platform to continue providing the international market with its important and innovative specialist medical products.”
Kurt Lemvigh, Chief Executive Officer at Lombard Medical, added:
“Lombard becoming a part of the MicroPort group means that Lombard is able to fully leverage its infrastructure, regulatory expertise and capital to achieve our maximum potential. I am pleased to be able to offer our customers and distributors the security of such an established market player.”
Jonathan Chen, MicroPort’s Chief International Business Officer, said:
“We believe in the potential of both Aorfix and Altura and look forward to working with the Lombard team to deliver these highly differentiated products to meet the needs of patients globally.”
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KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 14,500 partners and staff. The UK firm recorded a revenue of £2.2 billion in the year ended 30 September 2017. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 152 countries and has 189,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.