Itamar Medical reportedly inked a pair of distribution deals for its WatchPAT sleep apnea monitor in the U.S. and Japan with a pair of medical device giants, Medtronic (NYSE:MDT) and Philips Healthcare (NYSE:PHG).
Medtronic already owns a 21.6% stake in Itamar whose origins date back to Itamar’s founding in 1997, Globes reported. Caesarea, Israel-based Itamar’s deal with the Minneapolis medtech giant involves the exclusive right to market the WatchPAT device to U.S. patients with atrial fibrillation, the newspaper reported.
It’s slated to begin as a pilot program; if successful, the exclusivity kicks in, with Medtronic agreeing to a minimum purchase amount and to put down some cash for marketing the device, according to the newspaper. Henry Schein (NSDQ:HSIC) is slated to handle the logistics of distribution, according to the report.
In February, Itamar inked a deal with Philips for the WatchPAT device’s distribution in Japan, Haaretz reported.
The 5-year agreement calls for the Dutch conglomerate to market the device in Japan on an exclusive basis, also with a minimum purchase provision, the newspaper reported. Itamar CEO Gilad Glick said that deal’s minimum would equal about 5% of total sales and is scheduled to ramp up over the term of the deal, according to the report.