Merit Medical Systems announced an agreement to acquire the C2 CryoBalloon device from a Pentax Medical subsidiary.
South Jordan, Utah-based Merit signed a definitive asset purchase agreement with Pentax of America over the C2 CryoBalloon and related technology. The companies expect the closing of the deal to occur during the fourth quarter of 2025.
Merit says the acquisition strengthens its position in the gastroenterology market. It offers a treatment option for chronic gastroesophageal reflux disease (GERD) and other gastrointestinal tissue disorders. The C2 CryoBalloon delivers controlled freezing treatments to drive targeted ablation and the precise destruction of unwanted soft tissue. It freezes and eliminates abnormal cells while maintaining the integrity of surrounding tissue structures.
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GERD can lead to serious health complications, such as esophageal damage, Barrett’s esophagus and cancer. The C2 CryoBalloon treats Barrett’s esophagus, as well as gastric antral vascular ectasia (GAVE) syndrome, a vascular disorder.
“The proposed acquisition reflects Merit’s commitment to advancing minimally invasive solutions for gastrointestinal disorders. We’re excited to welcome new team members and expand our portfolio, empowering physicians to improve patient outcomes worldwide,” said Martha Aronson, Merit president and CEO.
Details of the Merit Medical acquisition of the Pentax C2 CryoBalloon
Merit proposed to acquire the assets from Pentax for a total consideration of $22 million. That features a $19 million cash payment at closing, plus contingent payments of up to $3 million, payable upon meeting certain milestones.
The company expects the acquired assets to contribute revenue of approximately $1 million from a projected closing date of Nov. 1, 2025, through Dec. 31, 2025.
Merit intends to integrate the business into its Endoscopy portfolio to complement its existing products and customer base. It plans to transfer product manufacturing over the next few months into its South Jordan facility. The company expects some Pentax employees currently involved in the business to join after completing the deal.
“C2 technology has been an exciting part of Pentax Medical’s journey since 2017. The C2 CryoBalloon holds promise across a range of therapeutic applications. We are pleased to announce that Merit will be the new home for C2, unlocking its potential,” said Dominique Vincent, president of Pentax Medical. “With its expanding footprint in upper gastrointestinal treatments and deep expertise in the field, Merit is ideally positioned to accelerate C2’s growth, making it available to even more patients and clinicians worldwide.”
