US-baed Haemonetics has agreed to acquire medical device cardiology-focused technology developer OpSens for around $253m in an all-cash deal.
Listed on the Toronto Stock Exchange (TSX), OpSens is engaged in the development of commercially and clinically validated optical technology for use mainly in interventional cardiology. Its products include the SavvyWire and OptoWire guidewires.
Under the terms of the definitive agreement, Haemonetics will buy all the outstanding shares of OpSens for C$2.9 ($2.1) per share. The acquisition is planned to be funded through a mix of cash and a revolving credit facility.
Haemonetics, which is a healthcare company that offers medical products and solutions, said that the transaction will further expand its hospital business unit portfolio with fibre optic sensor technology in the interventional cardiology market.
The firm will use several internal and external research and development (R&D), clinical, and other business development strategies to bolster its position in interventional cardiology.
The deal will use the healthcare firm’s commercial and geographic footprint to expedite the adoption of OpSens’ products with the potential to make SavvyWire available for transcatheter aortic valve replacement (TAVR) procedures in the US.
Haemonetics global hospital president Stewart Strong said: “With the acquisition of OpSens, we expand our leadership in interventional cardiology and strengthen our foundation for additional growth and diversification.
“By leveraging OpSens’ proprietary optical sensor technology, our global commercial infrastructure, and our relationships with the top US hospitals performing TAVR and PCI procedures, we have a powerful opportunity to improve standards of care for more physicians and patients worldwide.
“We are excited to welcome OpSens’ talented team and look forward to advancing our shared commitment to maximizing patient benefits and value for our customers.”
SavvyWire is said to be the world’s first and only sensor-guided three-in-one guidewire for TAVR procedures. It is designed as a pacing and pressure monitoring wire to advance the workflow of the procedure and help in shorter hospital stays for patients.
OptoWire is a pressure guidewire that supports the diagnosis and treatment of patients with coronary artery disease.
The deal is anticipated to be finalised by the end of January 2024, subject to the approval of OpSens’ shareholders, receipt of court and regulatory approval, and some other customary conditions.
For Haemonetics, the financial advisor for the deal is Goldman Sachs while DLA Piper is the legal advisor. Piper Sandler is serving as the financial advisor for OpSens with Norton Rose Fulbright as the legal advisor.
