Charlotte-based Alveolus, which makes stents and delivery devices for use in the esophagus, colon and other non-vascular ducts, has been sold to Utah-based Merit Medical Systems for $19 million.
Merit, which makes disposable devices used primarily in cardiology and radiology procedures, said it intends to hire Alveolus' 10-person U.S. sales force and several research and development and manufacturing employees.
Alveolus' revenues for the 12 months ended January were approximately $8.2 million. Merit said it intends to fund the purchase price from its existing cash reserves.