Eli Lilly to Acquire California company

Eli Lilly and Co. said it will acquire Devices for Vascular Intervention Inc. of Redwood City, Calif., in a multimillion-dollar deal.

Lilly described DVI as the leading developer and manufacturer of catheter systems for the treatment of cardiovascular disease by removal of vascular plaque.

Lilly said it will pay about $50 million for DVI, with the potential for up to another $150 million in contingent payments over the next five years if certain clinical objectives and performance criteria are met.

DVI will become a part of Lilly’s Medical Instrument Systems division.

The transaction is subject to approval by DVI shareholders, who will meet in January to consider the sale. Lilly said owner of 65% of the DVI common stock have agreed already to vote for the merger.