SynCardia Systems’ parent company Picard Medical has signed a definitive agreement to merge with Altitude Acquisition (ALTU), a special-purpose acquisition company.

The deal estimates an enterprise value of $480m for Picard Medical. The move will pave the way for Picard Medical to become publicly listed.

All current equity holders of the company will roll 100% of their existing equity holdings into the new combined public company.

After the transaction is completed, Altitude is expected to be rebranded as Picard Medical and will continue to be listed on Nasdaq.

Picard Medical CEO Dr Richard Fang said: “Our business combination with ALTU will provide the necessary springboard to capitalise on these opportunities through investments designed to increase the accessibility of the SynCardia TAH and continued development of next-generation technology.

“Our hope is to prolong and improve the lives of the growing number of heart failure patients throughout the world and we thank Gary and the Altitude shareholders for their support.”

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SynCardia is a manufacturer of the only commercially available and the US Food and Drug Administration (FDA)-approved total artificial heart (TAH) in the world, used to substitute all the functionalities of a deteriorating or failed human heart in patients with end-stage, biventricular heart failure.

Furthermore, the company is working in cooperation with regulatory authorities to regain its CE mark under the European Union Medical Device Regulation for most EU nations.

Subject to the approval of stockholders and other conditions, the deal is anticipated to be completed in the third or fourth quarter of this year.