Shockwave Medical, Inc.: M&A transaction — Shockwave Medical completes acquisition of Neovasc for $27.25/share cash plus up to $12.00 CVR

Shockwave Medical, Inc.

Total per-share consideration of $27.25 cash plus up to $12.00 CVR contingent on FDA approval of Neovasc Reducer.
Reducer targets refractory angina; granted FDA Breakthrough Device designation; COSIRA-II study ongoing to support approval.
Neovasc shares to be delisted from TSX and Nasdaq; Neovasc becomes wholly owned subsidiary of Shockwave.
Consideration paid via Computershare; Israeli tax certification required for certain shareholders to avoid withholding.
Deal valued at implied ~$39.25 per share if CVR milestones met; acquisition funded with cash on hand.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Shockwave Medical, Inc. completed an acquisition involving Neovasc Inc. for $27.25 per share in cash and up to $12.00 per share in contingent value rights (closed 2023-04-11).

Action: acquisition
Counterparty: Neovasc Inc.
Consideration: $27.25 per share in cash and up to $12.00 per share in contingent value rights
Closing: 2023-04-11

Exact text from the filing

On April 11, 2023 (the “Effective Time”), Shockwave Medical, Inc., a Delaware corporation (“Shockwave”), completed the previously announced acquisition of Neovasc Inc., a corporation existing under the Canada Business Corporations Act (“Neovasc”), in accordance with an Arrangement Agreement (the “Arrangement Agreement”), pursuant to which Shockwave acquired all of the issued and outstanding common shares of Neovasc and Neovasc became a wholly owned subsidiary of Shockwave (the “Arrangement”) by means of a plan of arrangement (the “Plan of Arrangement”) under the Canada Business Corporations Act.

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Source: SEC EDGAR

accession 0001642545-23-000012

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