Zoll announced today that it submitted the winning bid in an auction to acquire Vyaire Medical’s ventilator business.

The acquisition comes as part of Vyaire’s Chapter 11 bankruptcy proceedings. Completion remains subject to court approval at a sale hearing and dependent on a successful closing. Zoll anticipates that to take place in the coming weeks.

Vyaire’s ventilator business was particularly busy at the height of the COVID-19 pandemic in 2020. It was one of three companies with the largest ventilator contracts from the U.S. Department of Health and Human Services in April 2020. Vyaire received $407.9 million in the contract to manufacture 32,300 ventilators in the first half of 2020.

However, the ventilator boom more than four years ago subsided. In June, Vyaire announced that it filed for Chapter 11 bankruptcy protection. The Chicago-based company said it filed to obtain sufficient financing to continue business operations while it markets its business units for a “value-maximizing sale.” Medtronic highlighted the slowing ventilator business, as this year the company elected to exit the ventilator business after finding its product line “unprofitable.”

Zoll, meanwhile, offers acute critical care and related software and diagnostic tools. Its solutions help diagnose and treat patients suffering from serious cardiopulmonary and respiratory conditions. Since 2014, the company has manufactured ventilation devices and accessories for the transport of critically ill patients as well.

“Respiratory care has been central to Zoll’s business strategy for many years,” said Jon Rennert, CEO of Zoll. “If the acquisition is successfully completed, adding Vyaire’s ventilators to Zoll’s product portfolio will enhance our ability to serve a broader range of clinicians and patients.”