Shockwave Medical Completes Acquisition of Neovasc

April 11, 2023—Shockwave Medical, Inc., a developer of intravascular lithotripsy technology to treat severely calcified cardiovascular disease, announced the completion of its acquisition of Neovasc Inc., a developer of minimally invasive cardiovascular devices based in Vancouver, Canada. Shockwave is based in Santa Clara, California.

In January 2023, the companies announced a definitive binding agreement whereby Shockwave agreed to acquire all the issued and outstanding common shares of Neovasc. In March, Neovasc announced that its shareholders approved the acquisition.

According to the company, Shockwave has acquired all outstanding common shares of Neovasc for US$27.25 per share in cash up front by way of a statutory plan of arrangement. In addition, a potential deferred payment in the form of a nontradeable contingent value right will pay Neovasc shareholders up to an additional US$12.00 per share in cash if certain regulatory milestones are achieved within specified timeframes.

As a result of the completion of the arrangement, Neovasc’s common shares will be delisted from the Toronto Stock Exchange.

The Neovasc Reducer system to treat refractory angina has CE Mark approval and has been commercially available in Europe since 2015. In the United States, the Reducer has been granted Breakthrough Device designation by the FDA. Enrollment is ongoing in the COSIRA-II randomized clinical trial that is being conducted under an investigation device exemption intended to support FDA approval for patients with coronary obstructive refractory angina, advised Shockwave.