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Haemonetics to acquire vascular closure systems maker Cardiva Medical

Medical technology company Haemonetics has signed an agreement to acquire US-based vascular closure manufacturer Cardiva Medical for up to $510m.

Medical technology company Haemonetics has signed an agreement to acquire US-based vascular closure manufacturer Cardiva Medical Inc” target=”_blank”>Cardiva Medical for up to $510m.

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What is driving M&A activity in the MedTech space?

The COVID-19 pandemic has left an indelible mark on the MedTech landscape. Changes in how healthcare is delivered, and new treatment modalities, are creating opportunities and challenges for both new and traditional players. As companies sought out opportunities during the pandemic-driven downturn, the number and value of mergers and acquisition deals in the MedTech space increased. Companies worked to reposition themselves in the newly aligned healthcare world, but with further economic turmoil expected: will these trends be repeated? And what tech areas should firms be looking to expand their capabilities into? GlobalData’s report, “Themes driving M&A activity in the Medical Devices Sector, Q1 2022,” draws upon GlobalData’s extensive MedTech deals databases, highlighting major trends and hot themes in M&A activity. This report will assist you in:
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  • Understanding regional trends in M&A activity
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  • Knowing the key deals that occurred during Q1 2022
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The company will acquire Cardiva for $475m upfront cash payment at closing and up to an additional $35m in contingent consideration based on sales growth.

Cardiva Medical Inc” target=”_blank”>Cardiva Medical has a portfolio of two catheter-based vascular access site closure devices, which include VASCADE and VASCADE MVP.

VASCADE vascular closure system has been designed for ‘small-bore’ femoral arterial and venous closure applications.

It is used in interventional cardiology and peripheral vascular procedures and is the only closure device that can reduce access site complications compared to manual compression.

VASCADE MVP is designed for ‘mid-bore’ multi-access femoral venous closure and is used in electrophysiology procedures.

It is the only US F ood and Drug Administration (F DA)-approved closure device for use after cardiac ablation procedures, where two or more access sites within the same vessel are required.

The two devices include Cardiva ’s collapsible disc technology and a resorbable collagen patch to achieve hemostasis.

Haemonetics president and CEO Chris Simon said: “We are excited to add Cardiva ‘s vascular closure technology to our portfolio and look forward to welcoming their talented team.

“This acquisition immediately expands and diversifies our hospital offerings in the large and growing interventional cardiology and electrophysiology markets and aligns with our innovation agenda.”

The deal is subject to customary closing conditions and is expected to be closed in the first quarter of this year.

According to Haemonetics , the deal could bring in revenues between $65-$75m in the first fiscal year. In the fifth year, it could deliver a 10% rate of return on invested capital.

Cardiva Medical Inc” target=”_blank”>Cardiva Medical president and CEO John Russell said: “We are delighted to become part of a company that shares our commitment to technology leadership and meaningfully advancing patient care in some of the most critical areas of medicine.

“We believe that Haemonetics ‘ history of leadership in hemostasis management makes the company an ideal partner to realise the full potential of our VASCADE platform technology.”

Last July, Cardiva Medical Inc” target=”_blank”>Cardiva Medical secured $45m in equity financing round to support the continued commercial expansion of its vascular closure systems.

The funding round was led by new investor EW Healthcare Partners. Existing investors, including affiliates of Luther King Capital Management, PTV Healthcare Capital and Evidity Health Capital, also participated in the round.

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Free Report
img

What is driving M&A activity in the MedTech space?

The COVID-19 pandemic has left an indelible mark on the MedTech landscape. Changes in how healthcare is delivered, and new treatment modalities, are creating opportunities and challenges for both new and traditional players. As companies sought out opportunities during the pandemic-driven downturn, the number and value of mergers and acquisition deals in the MedTech space increased. Companies worked to reposition themselves in the newly aligned healthcare world, but with further economic turmoil expected: will these trends be repeated? And what tech areas should firms be looking to expand their capabilities into? GlobalData’s report, “Themes driving M&A activity in the Medical Devices Sector, Q1 2022,” draws upon GlobalData’s extensive MedTech deals databases, highlighting major trends and hot themes in M&A activity. This report will assist you in:
  • Understanding value and volume trends in M&A from Q1 2018 to Q1 2022
  • Understanding regional trends in M&A activity
  • Understanding which medical device sectors are leading M&A activity, and which are lagging
  • Understanding the leading tech trends in Q1 2022 M&A activity
  • Knowing the key deals that occurred during Q1 2022
Download the full report to understand what to expect and how to align your business for success.
by GlobalData
Enter your details here to receive your free Report.

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