Shockwave Medical to Acquire Neovasc

 Neovasc Inc. (NASDAQ: NVCN) (TSX: NVCN) ("Neovasc" or the "Company"), a leader in the development of minimally invasive devices for the treatment of refractory angina, announced today that the Company has entered into a binding agreement (the "Arrangement Agreement") with Shockwave Medical, Inc. ("Shockwave"), whereby Shockwave has agreed to acquire all of the issued and outstanding common shares (the "Common Shares") of the Company (the "Transaction").

Under the terms of the Arrangement Agreement, Neovasc shareholders will receive US$27.25 per Common Share in cash upfront on completion of the Transaction, corresponding to an enterprise value of approximately US$100 million, plus deferred payments of up to approximately US$47 million on the achievement of future regulatory milestones in the form of a contingent value right ("CVR") per Common Share to receive payment upon final FDA premarket approval to market the Neovasc Reducer™ (the "Reducer") in the United States for treatment of angina (the "Milestone"). Each CVR will pay: (i) US$12.00 if the Milestone is achieved on or prior to June 30, 2026, (ii) US$8.00 if the Milestone is achieved during the period beginning on July 1, 2026 and ending on December 31, 2026 or (iii) US$4.00 if the Milestone is achieved during the period beginning on January 1, 2027 and ending on December 31, 2027. The upfront cash consideration represents a premium of 27% and 68% to the closing price and 30-day volume-weighted average price ("VWAP"), respectively, of the Common Shares on the Nasdaq Capital Market on January 13, 2023.

https://finance.yahoo.com/news/shockwave-medical-acquire-neovasc-132700063.html