Haemonetics Corporation announced on March 5 that it has entered into a definitive agreement to acquire privately-held Chicago-based Attune Medical. Under the terms of the agreement, Haemonetics will acquire Attune Medical for an upfront cash payment of $160 million at closing plus additional contingent consideration based on sales growth in the three years following the consummation of the transaction and the achievement of other milestones.
Attune Medical is a provider of a medical device, the ensoETM® proactive esophageal cooling device, used to control the core temperature of the patient’s body. ensoETM is the only FDA-cleared temperature regulation device indicated for esophageal protection during radiofrequency cardiac ablation procedures.
According to the original deal press release published through PR Newswire on March 5, 2024, Attune Medical generated approximately $22 million in revenue during its most recently completed fiscal year ended December 31, 2023, more than doubling its revenue from the prior fiscal year.
Based in Boston, Massachusetts, Haemonetics Corporation designs, manufactures and markets automated systems for the collection, processing and surgical salvage of blood. Founded in 1971, the company has expanded to have offices located in 16 countries.
The acquisition is expected to be completed in the first quarter of Haemonetics’ fiscal year 2025. Haemonetics expects this transaction to be immediately accretive to revenue and earnings growth following the completion of the transaction. Haemonetics plans to finance this acquisition through a combination of cash-on-hand and a draw under its revolving credit facility.
DLA Piper served as legal advisor for Haemonetics. William Blair served as financial advisor and Perkins Coie served as legal advisor for Attune Medical.
According to data captured in the LevinPro HC database, this acquisition marks the 15th Medical Devices transaction of 2024. There were 109 Medical Devices deals announced during 2023, and 122 during 2022. Last October, Haemonetics acquired OpSens, a Canadian cardiology-focused medical device company, for approximately $253 million.
