Shockwave raised nearly $97 million in an initial public offering earlier this month, inking a private-placement deal with Abiomed on the side for $10.0 million worth of SWAV shares at the $17-per-share IPO price. In a regulatory filing today, Santa Clara, Calif.-based Shockwave said Abiomed owns nearly 1.7 million shares, or a 6.0% stake.
With SWAV shares trading at $34.55 apiece today in mid-morning activity (up 4.8%), Danvers, Mass.-based Abiomed’s share would be worth roughly $58.7 million if it sold right now. Measured as a slice of Shockwave’s $1.19 billion market capitalization, that 6% stake’s value jumps to $71.4 million.
Shockwave is developing a device to treat calcified coronary lesions with sonic pressure waves. The deal with Abiomed, announced last December, includes collaboration on a training and education program in the U.S. and Germany.