LivaNova closes $225m ImThera buyout

LivaNova (NSDQ:LIVN) closed the $225 million buyout of ImThera Medical and its implantable sleep apnea treatment, according to ImThera co-founder Spencer Trask & Co. said today. San Diego-based ImThera’s flagship product is the Aura6000, an implanted hypoglossal nerve stimulator that uses a pair of implanted components, one near the collarbone and one in the upper neck, to stimulate tongue muscles to help control upper airway flow and reduce or eliminate sleep apnea. The device won FDA investigational device exemption in November 2014 for a pivotal trial; Spencer Trask said today that the study is expected to be complete by March. LivaNova, already in investor in ImThera, paid $78 million up front to acquire the rest of the company, with the remaining $147 million due on regulatory and sales milestones. “This transaction with LivaNova accelerates the ImThera mission of providing its life-changing therapy to the millions of Americans who are living with obstructive sleep apnea,” Spencer Trask chairman Kevin Kimberlin said in prepared remarks. “This is a prime example of the Spencer Trask & Co. mission in action, transforming the standard of care for conditions that affect millions of people.” Earlier this month LivaNova, formed by the $2.7 billion merger of Italy’s Sorin and Cyberonics in October 2015, inked a deal to sell its cardiac rhythm management business to China’s MicroPort Scientific (HK:00853) for $190 million in cas...
Source: Mass Device - Category: Medical Devices Authors: Tags: Mergers & Acquisitions Neuromodulation/Neurostimulation Respiratory Wall Street Beat ImThera Medical Inc. LivaNova spencertrask Source Type: news