- Shockwave Medical (SWAV) has completed its acquisition of Neovasc (NVCN)
- Under the terms of the agreement, Neovasc shareholders will receive US$27.25 for every common share in cash
- Neovasc’s common shares will be delisted from the Toronto Stock Exchange
- Neovasc (NVCN) opened trading at C$40.15 and Shockwave Medical Inc. (SWAV) opened trading at US$226.90
Shockwave Medical (SWAV) has completed its acquisition of Neovasc (NVCN).
Under the terms of the agreement, Neovasc shareholders will receive US$27.25 for every common share in cash.
The upfront cash consideration represents a premium of 27 per cent and 68 per cent to the closing price and 30-day volume-weighted average price, respectively, of Neovasc’s common shares on the NASDAQ Capital Market.
There is an enterprise value of around US$100 million, in addition to deferred payments of approximately US$47 million on the achievement of future regulatory milestones in the form of a contingent value right per common share.
The board of Neovasc has evaluated the agreement with all management, legal and financial advisors and has unanimously approved the transaction. The company’s shareholders had also voted in favour of the transaction.
Neovasc’s common shares will be delisted from the Toronto Stock Exchange.
Neovasc is a specialty medical device company that develops, manufactures, and markets products for the rapidly growing cardiovascular marketplace.
Shockwave Medical develops and commercializes products intended to transform the way calcified cardiovascular disease is treated.
Neovasc (NVCN) opened trading at C$40.15.
Shockwave Medical Inc. (SWAV) opened trading at US$226.90.
