Neovasc enrolled its first patient in a clinical trial studying the Neovasc Reducer in January 2022. The company designed the device to reduce angina symptoms in people with refractory angina. It was also reportedly developing the Tiara mitral valve repair device in 2020.
Under the terms of the acquisition agreement, Neovasc shareholders will receive $27.25 per common share in cash upfront on completion of the transaction. The deal will have an enterprise value of approximately $100 million plus deferred payments of up to approximately $47 million on the achievement of future regulatory milestones.