Shockwave Medical announced today that it has inked an agreement to purchase all of Neovasc‘s issued and outstanding common shares.

In January 2022, Neovasc recruited its first patient in a clinical trial of the Neovasc Reducer. The device was created by the business to alleviate angina symptoms in persons suffering from refractory angina. It was also said to be working on the Tiara mitral valve repair device around 2020.

Neovasc stockholders will get $27.25 per common share in cash upfront upon completion of the deal, according to the terms of the acquisition agreement. The transaction will have an enterprise value of around $100 million, plus deferred payments of up to $47 million if further regulatory milestones are met.

“Today’s announcement is wonderful news for our stakeholders and the Reducer program,” said Neovasc president and CEO Fred Colen in a statement. “We have made incredible achievements building growing revenue, clinical data, commercial reimbursement, and a fantastic staff, and now it’s time to take the next step to drive Reducer adoption globally.

Shockwave’s team has exhibited an exceptional capacity to expand breakthrough technologies and create value for patients, consumers, and investors, and we are excited to be a part of their organization.”