Pathway Medical Technologies Inc. to be Acquired by Bayer HealthCare's Medrad, Inc. Unit for $125 Million

Pathway Medical Technologies, the Kirkland, WA-based maker of a device that clears out blood vessel blockages in the legs, has agreed to be acquired for $125 million by Medrad, a Warrendale, PA-based medical device unit of Bayer Healthcare, Xconomy has learned. The acquisition hasn’t yet been announced by either company, and the deal is still pending, awaiting final regulatory and shareholder approval, sources say. The deal also includes a bonus pool of $6.3 million to retain certain members of Pathway’s senior management team after the deal closes, according to a merger document reviewed by Xconomy. Pathway CEO Paul Buckman declined to comment about the deal, as did chairman Tom Clement and director David Auth, when reached by e-mail. A spokeswoman for Medrad didn’t respond to a request for comment on the transaction yesterday.