BrightWater Medical said today that it completed the sale of the organization to Merit Medical, three months after Merit made its $50 million offer.

In June, Merit valued the acquisition at $35 million upfront with a further $15 million in potential payments contingent upon CE Mark approval and meeting future sales targets.

Temecula, Calif.-based BrightWater’s FDA-cleared ConvertX stent systems are designed to address blockages typically caused by cancer, including obstructions of the urinary tract and bile ducts. The company’s founder, Dr. Bob Smouse, said he believes BrightWater’s products could reduce health care industry costs by $1 billion annually.

Smouse also credited investment by OSF Ventures, the venture arm of Peoria, Ill.-based OSF HealthCare, with being a significant partner for his company.

“OSF has emerged as a leader in health care innovation with a view towards supporting technologies that can improve patient care and outcomes,” Smouse said in a news release.

“We were very excited to be able to financially, operationally and clinically support Dr. Smouse’s work given his long track record of excellent patient care at OSF HealthCare Saint Francis Medical Center,” said OSF Ventures Vice President Stan Lynall. “Making BrightWater Medical products available to a greatly expanded patient population has the potential to positively impact medicine and patient outcomes in the U.S. and beyond.”

Merit Medical said in June that it will keep BrightWater Medical’s production in Temecula and duplicate those capabilities in a Pearland, Texas-based facility. Eventually, Merit Medical plans to transfer the ConvertX manufacturing operations to the Pearland facility.

Merit Medical management estimated that the deal will be 5¢ decretive to GAAP EPS and 3¢ decretive to non-GAAP EPS in 2019. The company pegged sales expectations for the ConvertX product at $1 million for 2019, adding that it expects that figure to grow to $25 million by the fifth full year of sales.

“The ConvertX system is designed to reduce multiple visits to the hospital, saving patients the risk and discomfort of a second interventional procedure while freeing up additional surgical facilities for other critical procedures,” said Merit chairman & CEO Fred Lampropoulos. “Merit Medical has the ability to help more patients with its global reach. We believe our ability to align this product with our existing sales force calling on interventional radiologists, as well as growth in markets outside the U.S., will allow for future expansion.”

Shares of MMSI were down -0.9% at $29.64 per share in mid-afternoon trading today.