Sam Brusco, Associate Editor01.17.23
Shockwave Medical has begun a deal to acquire all of the outstanding shares of Neovasc, a developer of minimally invasive devices to treat refractory angina.
The acquisition is valued at about $100 million with deferred payments of up to $47 million on achievement of future regulatory milestones. Payment in the form of a contingent value right will be received upon final FDA premarket approval of the Neovasc Reducer.
"Today’s announcement is good news for our stakeholders and the Reducer program," Fred Colen, Neovasc’s president and CEO told the press. "We have made tremendous strides building accelerating revenue, clinical data, commercial reimbursement, and a fantastic team, and now it’s time to take the next step to accelerate Reducer adoption globally. The team at Shockwave has demonstrated an extraordinary ability to scale novel technologies and build value for patients, customers and investors, and we are thrilled to become a part of their organization."
The transaction is still subject to approval by company shareholders and receipt of court approval as well as other customary conditions for transactions of this nature.
The transaction is expected to be completed in the first half of 2023.
The acquisition is valued at about $100 million with deferred payments of up to $47 million on achievement of future regulatory milestones. Payment in the form of a contingent value right will be received upon final FDA premarket approval of the Neovasc Reducer.
"Today’s announcement is good news for our stakeholders and the Reducer program," Fred Colen, Neovasc’s president and CEO told the press. "We have made tremendous strides building accelerating revenue, clinical data, commercial reimbursement, and a fantastic team, and now it’s time to take the next step to accelerate Reducer adoption globally. The team at Shockwave has demonstrated an extraordinary ability to scale novel technologies and build value for patients, customers and investors, and we are thrilled to become a part of their organization."
The transaction is still subject to approval by company shareholders and receipt of court approval as well as other customary conditions for transactions of this nature.
The transaction is expected to be completed in the first half of 2023.