Shockwave Medical, Inc. has acquired Neovasc Inc. in a deal valued at approximately $100 million. Richmond, British Columbia-based Neovasc’s shareholders will also receive a potential deferred payment in the form of a non-tradable contingent value right entitling the holder to receive up to an additional $12 per share in cash if certain regulatory milestones are achieved.
The transaction will be implemented by way of a court-approved plan of arrangement pursuant to the Canada Business Corporations Act, and is subject to customary closing conditions, including requisite Neovasc shareholder approval. Shockwave expects to complete the transaction in the first half of 2023.
Neovasc is a medical device company that develops, manufactures and markets products for the cardiovascular marketplace. Its products include Reducer, for the treatment of refractory angina, which is under clinical investigation in the U.S. and has been commercially available in Europe since 2015.
Santa Clara, California-based Shockwave Medical is focused on developing and commercializing products intended to transform the way calcified cardiovascular disease is treated.
According to data captured from the LevinPro HC database, this transaction represents the eighth Medical Devices deal of 2023. There were 120 Medical Devices transactions in 2022.
