Edwards Set to Acquire Cas Medical Systems for $100M

Edwards Lifesciences is making a move to acquire Cas Medical Systems for about $100 million. Branford, CT-based Cas Medical specializes in the non-invasive monitoring of tissue oxygenation in the brain. Edwards said it has a pending 510(k) clearance in the U.S. for a smart cable and software module, which enables compatibility between Cas Medical’s FORE-SIGHT sensor and the HemoSphere advanced hemodynamic monitoring platform. This technology was developed as a result of a collaboration between Edwards and Cas Medical, and received a CE Mark. Cas Medical’s FORE-SIGHT could continue to boost HemoSphere, which pushed growth in the firm’s critical care unit during 4Q18. “In critical care, sales for the quarter were $178 million and grew 10% on an underlying basis,” said Edwards’ CEO Michael Mussallem, according to a transcript from Seeking Alpha. “For the full year, underlying sales grew 11%. This quarter's performance was strong across all of our critical care product categories, led by the healthy demand for HemoSphere and the continued growth of enhanced recovery. As a condition to the closing of the transaction, each holder of Cas Medical’s Series A Convertible Preferred Stock or Series A Exchangeable Preferred Stock will agree to convert such stock into shares of Cas Medical’s Common Stock, and upon the closing, tho...
Source: MDDI - Category: Medical Devices Authors: Tags: Business Source Type: news