Ambu (CPH:AMBU-B) agreed to pay $16 million to acquire ETView Medical (TLV:TLV) and its portfolio of airway management devices.
The deal calls for Copenhagen-based Ambu to put up $12.3 million in cash and the balance in debt in a “reverse triangular merger” in which Ambu will create a subsidiary, which will buy ETView then be absorbed by Ambu.
ETView makes the Vivasight line of devices that unite airway tubes with high-resolution imaging cameras so that physicians can see after lung blocking procedures.
“Through the intensive work of ETView’s staff, with the support of the Trendlines team, ETView has become a global leader in lung isolation airway management with sales in North America, South America, Europe, Asia and Africa. Ambu’s proposed acquisition of ETView recognizes the importance of ETView’s innovative technology for thoracic surgeons and anesthesiologists. We are very pleased to to place ETView in Ambu’s hands and expect tremendous growth under Ambu to the benefit of patients and the medical community,” chairman Todd Dollinger said in prepared remarks.
In 2012 ETView Medical won FDA clearance and CE Mark clearance for Viva EB, a catheter-based thoracic surgical imaging device. The Vivasight SL, which won approval in China in 2013, was granted 510(k) clearance from the FDA in February.
Trendlines group, which owns a 26.5% stake in ETView, said it expects to reap $2 million in profits from its $3.3 million gross on the deal.