Irvine, Calif.-based Edwards paid $2.45 per share for Branford, Conn.-based Casmed using cash on hand, for an aggregate value of $98.1 million, Casmed said in a regulatory filing. The deal was announced Feb. 12.
The companies were already collaborating on a smart cable and software module to link Casmed’s Fore-sight cerebral oximeter, intended to provide non-invasive tissue oxygenation measurements, and Edwards’ HemoSphere hemodynamic monitoring platform. Already CE-Marked in the European Union, a bid for 510(k) clearance from the FDA is pending, Edwards said.
“The acquisition of the Fore-Sight technology represents an opportunity to grow the Edwards critical care portfolio and further strengthen the company’s leadership in smart monitoring technologies,” critical care VP Katie Szyman said in prepared remarks. “We believe this combination has the promise to provide clinicians with more clarity and information to deliver improved care for surgical and critically ill patients.”
XMS Capital Partners advised Edwards on the deal, with Pepper Hamilton as legal counsel. William Blair advised Casmed with Wiggin & Dana as counsel.