Macdonald Henderson advises on sale of RUA Medical to Aortech International
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Laura McKnight
Macdonald Henderson has advised the sole shareholder of RUA Medical Devices in the agreed conditional takeover by artificial heart valve developer AorTech International, in a £2.45 million deal that brings together two Scottish life sciences companies.
Dundee-based Aortech is behind Elast-Eon, a biostable polymer used to build heart valves. RUA, based in Irvine, manufactures implantable textiles which have numerous applications.
David Richmond, founder of RUA, who is already a non-executive director of Aortech and sole shareholder of RUA, will become group chief executive. The expanded firm will be known as RUA Life Sciences plc.
AorTech chairman Bill Brown said: “This deal is a perfect strategic fit for the company providing the people, processes and premises to allow our world class polymers to be converted into medical device products.
“We look forward to a closer working relationship with David Richmond and his talented team at RUA and are delighted that David has demonstrated his belief and confidence in the prospects for all of our Elast-Eon enabled devices by taking a substantial interest in the company.”
Laura McKnight, David Beveridge and Ian Anderson of Macdonald Henderson advised the shareholder of RUA Medical on the deal, with Iain D Sim + Co advising on accountancy and tax.
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