Haemonetics acquires Irish medtech company focused on vessel closure for up to $215M
Haemonetics has acquired Vivasure Medical Limited, an Irish medtech company focused on the fields of cardiology, interventional radiology and vascular surgery. The deal includes an upfront payment of approximately $116.5 million, or €100 million, as well as additional payments worth up to approximately $99 million, or €85 million, if certain milestones are met.
Vivasure is primarily known for its PerQseal Elite system, a fully bioabsorbable patch for percutaneous vessel closure during various structural heart and endovascular procedures. The device has already gained CE mark approval for arterial and venous indications. In the United States, meanwhile, an application has been submitted to the U.S. Food and Drug Administration for an arterial indication.
“Acquiring Vivasure expands Haemonetics' complete range of closure devices with new and clinically differentiated technology to bolster our presence in the large-bore closure market and our impact in fast-growing structural heart and endovascular procedures,” Ken Crowley, vice president and general manager of interventional technologies at Haemonetics, said in a statement. “With strong clinical performance and safety data, PerQseal Elite positions us for increased leadership in advanced closure, as we leverage our commercial scale and operational synergies to deliver increased value to physicians and hospitals.”
“We're extremely proud of the progress made in advancing closure technology, and grateful to the clinicians, employees, board members, investors and government bodies who supported Vivasure's mission,” added Andrew Glass, CEO of Vivasure.
Image courtesy of Vivasure Medical Limited.
Orchestra BioMed expects to earn up to $21M from this transaction
Pennsylvania-based Orchestra BioMed Holdings, meanwhile, is expected to receive up to $21 million in cash as part of this acquisition. This includes an upfront payment of approximately $5 million. The payments are because Vivasure was a strategic holding of Orchestra BioMed before this transaction was completed.
“We are very proud of the outstanding clinical results from the PerQseal product platform which we believe clearly positions it as a best-in-class solution for large diameter percutaneous vessel closure,” David Hochman, chairman and CEO of Orchestra BioMed, said in a separate statement. “This transaction represents a clear realization of our preferred approach to device development, powered by long-term, strategically aligned partnerships. We wish Haemonetics every success as it takes PerQseal forward commercially.”
Michael has more than 19 years of experience as a professional writer and editor. He has written at length about cardiology, radiology, artificial intelligence and other key healthcare topics.