Haemonetics Corporation announced on October 10th that it would be acquiring OpSens, Inc. The deal between the companies is expected to close by the end of January 2024, according to the press release.
OpSens describes itself as offering commercially and clinically validated optical technology primarily used in interventional cardiology. One example of OpSens’ product offerings is the SavvyWire®, which OpSens believes is the world’s first and only sensor-guided 3-in-1 guidewire for TAVR procedures. OpSens also offers the OptoWire®, a pressure guidewire that uses a large nitinol core as well as an atraumatic tip for measuring Fractional Flow Reserve and diastolic pressure ratio. OpSens implements these guidewire solutions with its second-generation Fidela fiber optic sensor for providing what OpSens believes to be the lowest drift in the industry with consistent and repeatable measurements.
In discussing the acquisition, Stewart Strong, President of Haemonetics’ Global Hospital division, 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.
Louis Laflamme, OpSens’ Chief Executive Officer, added that “we were able to penetrate and have a place in this market, which is a great achievement. … We were at the point where it was relevant to us to have a worldwide sales channel. We had that, but it was much smaller than what we will find here with Haemonetics.”
According to the press release, under the terms of the acquisition agreement, Haemonetics will acquire all outstanding shares of OpSens for CAD $2.90 per share representing a fully diluted equity value of approximately USD $253 million, representing an approximately 50% increase from OpSen’s Monday closing price. OpSens recently announced record revenues in Q3 of 2023, an increase of 31% from Q3 of 2022. The parties expect that OpSens’ portfolio for TAVR and PCI procedures will provide strong competitive advantages in the $1 billion relevant market. According to the press release, this acquisition expands Haemonetics’ Hospital business unit portfolio, which found success with its VASCADE® Vascular Closure portfolio. Over the past several quarters, Haemonetics has made additional investments in interventional cardiology, including in the company VivaSure Medical®.
Tags
Acquisitions, cardiovascular, Interventional Cardiology, Optical Guidewires
