Shockwave Medical, Inc., a pioneering medical company focused on treating severely calcified cardiovascular disease, has officially completed its acquisition of Neovasc Inc. Shockwave announced the acquisition, valued at $27.25 per share in cash upfront, in early 2023.

With the acquisition, Shockwave now owns the unique and innovative Neovasc Reducer System, the first such technology in the world designed to alleviate refractory angina. Patients with refractory angina suffer from chest pain that cannot be controlled with conventional therapy. The condition affects around 300,000 new patients each year across the US and the European Union.

Additionally, up to 500,000 new patients present with angina and non-obstructive coronary artery disease each year in these regions. The Reducer System has already been granted Breakthrough Device designation by the Food and Drug Administration (FDA) and is CE-marked. It is currently enrolling patients in the COSIRA-II study, a clinical trial for coronary obstructive refractory angina.

As a result of the deal, all outstanding common shares of Neovasc have been acquired by Shockwave, and Neovasc’s common shares will be delisted from the Toronto Stock Exchange. An application will be made for Neovasc to cease to be a reporting issuer in the relevant Canadian jurisdictions.

Shockwave has also announced that a non-tradeable contingent value right (CVR), in addition to the cash payment, will be provided to the former Neovasc shareholders. The CVR provides shareholders with the opportunity to obtain up to an additional $12.00 per share in cash if certain regulatory milestones are reached during specified timeframes.

Under the Israeli Income Tax Ordinance (New Version), 5721-1961 (the “Ordinance”), shareholders are required to make an Israeli Tax Certification in order to receive the Consideration free of withholding. Shareholders that hold common shares through a broker can obtain certification by providing supporting documents through an online portal that is expected to be available soon. Registered shareholders will be contacted separately.

Shareholders that meet specific criteria will be required to obtain a withholding exemption certificate from the Israel Tax Authority, and are encouraged to seek guidance from Israeli tax lawyers or accountants to initiate the process.

Following the announcement, Shockwave Medical has expressed its enthusiasm about the acquisition and the potential benefits it will bring to patients. It is hoped that the Neovasc Reducer System will help open up new treatment possibilities for patients who are suffering from refractory angina that cannot be treated with existing methods.

In conclusion, this acquisition is a positive development for the medical industry and the many people who suffer from refractory angina. The Neovasc Reducer System marks a significant milestone in the development of new medical technologies that can revolutionize healthcare and improve outcomes for patients with chronic conditions. The hope is that it will lead to more innovative collaborations and medical advancements in the future.

In Other News Around the World:

By Rachel Chen

Rachel Chen is an investigative journalist with a passion for uncovering corruption and wrongdoing. Her fearless reporting has led to several high-profile exposés and has earned her numerous awards and accolades.

Leave a Reply

Your email address will not be published. Required fields are marked *