Shockwave Medical, a unit of New Brunswick, N.J.-based Johnson & Johnson Medtech, completed enrollment in the first prospective all-female study of percutaneous coronary intervention in complex disease. The real-world, all-comers trial will evaluate the benefits of coronary intravascular lithotripsy in female patients with calcified lesions.
Johnson & Johnson subsumed five of its medical technology business under the Johnson & Johnson Medtech name. Ethicon, Depuy Synthes, Biosense Webster, Abiomed and Cerenovus no longer exist as independent entities, but J&J announced no changes in the product lineup.
Johnson & Johnson (J&J) aims to add a fourth cardiac business to its portfolio in less than two years with the acquisition of V-Wave Ltd., which makes the Ventura interatrial shunt system for the treatment of heart failure. J&J will pay $600 million up front and an additional $1.1 billion contingent on meeting specified regulatory and commercial milestones. The deal is slated to close before the end of the year.
In May, the value of med-tech deals dropped to $85.78 million, marking a 50% decrease from April's $172.37 million but exceeding March's $27 million. The monthly average for deal value in 2024 now stands at $129.7 million, an 84% decline compared to the 2023 monthly average of $886.13 million.
Med-tech powerhouse Johnson & Johnson made a bold bid to bolster its interventional cardiology holdings with the news on April 5 that it is acquiring Shockwave Medical Inc. for approximately $13.1 billion including cash acquired. The $335 per share cash price represents a more than 5% premium to Shockwave’s (Nasdaq: SWAV) April 4 closing price.
In August 2023, med-tech firms raised a total of $1.88 billion through 27 transactions, an increase of 94.12% from the $971 million raised in July. Value is down 42.83%, however, from the $3.3 billion raised in August 2022. The volume of med-tech financings is tracking at an average of 41 per month in 2023, down from an average of 43 per month in 2022, 59 per month through 2021 and 60 per month in 2020.
Shockwave Medical Inc. enrolled the first patient in its EMPOWER CAD study, the first prospective, all-female study of percutaneous coronary intervention (PCI). The study seeks to confirm the benefits of coronary intravascular lithotripsy (IVL) in female patients with calcified lesions. Women have historically been underrepresented in cardiovascular trials and have had less favorable outcomes in response to therapies.
Shockwave Medical Inc. will acquire Neovasc Inc. for just under $108 million, if all terms of the deal are met. Shockwave will pay $27.25 in cash for each of Neovasc’s 2.71 million outstanding shares or approximately $73.78 million at close. Shockwave said the offer corresponds to an enterprise value of $100 million. Neovasc could receive an additional payment of up to $47 million, if the company’s Reducer system for refractory angina obtains U.S. FDA marketing approval within a specified time frame.
The 2022 Vascular Interventional Advances (VIVA) medical meeting, which concluded on Nov. 3 in Las Vegas, focused on advances in interventional cardiology and devices to improve vascular health with the expected studies comparing drug-eluting balloons, new stents and less invasive procedures. One Boston Scientific Corp. presentation put the rest into context, however, with one of the most critical advances in cardiology, enrollment in the Drug-Eluting Registry: Real World Treatment of Lesions in the Peripheral Vasculature (ELEGANCE) registry.
DUBLIN – Sofinnova Partners closed out its flagship Capital X fund at €472 million (US$550 million), providing further evidence that private equity investing in European biotechnology and medical technology remains in rude health. It represents, managing partner Graziano Seghezzi told BioWorld, one of the most successful fundraising campaigns in its 30-year history. “We went out and raised this fund in six months.”
