Inari Medical has signed a definitive agreement to acquire medical device company LimFlow in a deal valued at up to $415m.

As per the agreement, LimFlow will obtain $250m in cash at closing and up to an additional $165m in commercial and reimbursement milestone payments.

The company created the LimFlow System for Transcatheter Arterialization of the Deep Veins (TADV) and the acquisition by Inari Medical is expected to increase patient access to the system.

TADV helps restore blood flow in deep veins for "no-option" chronic limb-threatening ischemia (CLTI) patients who have no other better endovascular or surgical treatment options and are facing amputation.

In September of this year, LimFlow received approval from the Food and Drug Administration (FDA) for the system based on data from the PROMISE II pivotal study.

In the study, 76% of no-option CLTI patients could retain their leg, achieved progressive wound healing and experienced significant pain relief after treatment with LimFlow.

It is claimed to be the first and only FDA-approved device for TADV and earlier it had obtained breakthrough device designation.

In October 2016, the LimFlow System received the CE mark.

Inari CEO Drew Hykes said: “We see the CLTI market as poised for durable growth, driven by compelling technology, outstanding clinical results and multiple opportunities for expansion.

“As a minority investor and board observer in LimFlow since early 2022, we have seen firsthand the life-changing impact this technology has on patients, as well as how complementary our two businesses are.”

Subject to customary closing conditions, the deal is anticipated to be completed in the fourth quarter of this year.