Shockwave Medical (Nasdaq:SWAV) announced today that it completed its $147 million acquisition of Neovasc.
In January, Shockwave announced an agreement to acquire all of the issued and outstanding common shares of Neovasc. The company paid $27.25 per share upfront by way of a statutory plan of arrangement.
The deal has an enterprise value of approximately $100 million. According to a news release, shareholders can receive up to an additional $12 per share if certain regulatory milestones are achieved within specified timeframes. Those deferred payments could reach approximately $47 million upon the achievement of future regulatory milestones.
Neovasc develops its Reducer system for addressing refractory angina. The Reducer has FDA breakthrough device designation and CE Mark. The company is currently enrolling patients in the COSIRA-II study, Shockwave said. Conducted under FDA investigational device exemption, COSIRA-II could support future FDA approval.
The Reducer alters blood flow within the myocardium of the heart. It also increases the perfusion of oxygenated blood to ischemic areas of heart muscle. Placement occurs through a minimally invasive, transvenous procedure.