Haemonetics
(NYSE: HAE)
today announced a definitive agreement to acquire cardiology-focused technology developer OpSens.
Boston-based Haemonetics will acquire all outstanding shares of Opsens for CAD $2.90 in an all-cash transaction that will have a fully diluted equity value of approximately $253 million USD. The transaction is expected to close by the end of January 2024.
Opsens develops optical technology for use in interventional cardiology. Its products include the SavvyWire and OptoWire.
- SavvyWire is a sensor-guided 3-in-1 guide wire for TAVR procedures that acts as a pacing and pressure monitoring wire that advances the workflow of the procedure for shorter hospital stays.
- OptoWire is a pressure guide wire that aims to improve clinical outcomes by accurately and consistently measuring fractional flow reserve (FFR) and diastolic pressure ratio to help clinicians in the diagnosis and treatment of coronary artery disease.
Opsens also manufactures fiber optic sensor solutions for medical devices and other critical industrial applications.
How the acquisition will add to Haemonetics’ portfolio
Haemonetics said this transaction is set to have financial and strategic benefits for the company. Opsens’s technology will expand the company’s hospital business unit portfolio with the fiber optic sensor technology into the interventional cardiology market.
“With the acquisition of OpSens, we expand our leadership in interventional cardiology and strengthen our foundation for additional growth and diversification. By leveraging OpSens’ proprietary optical sensor technology, our global commercial infrastructure, and our relationships with the top US hospitals performing TAVR and PCI procedures, we have a powerful opportunity to improve standards of care for more physicians and patients worldwide,” Stewart Strong, Haemonetics president of global hospital, said in a news release. “We are excited to welcome OpSens’ talented team and look forward to advancing our shared commitment to maximizing patient benefits and value for our customers.”
The transaction is expected to be immediately accretive to Haemonetics’ revenue growth, according to the company. Haemonetics expects the transaction to be slightly dilutive to earnings per diluted share in fiscal 2024 due to transaction and integration costs and accretive thereafter. It will be immediately accretive to adjusted earnings per diluted share.
More transaction details
Completion of the acquisition is subject to the approval of Opsens shareholders, receipt of court and regulatory approval and certain other closing conditions.
Haemonetics plans to finance the acquisition through a combination of cash and a revolving credit facility. Following this acquisition, Haemonetics’ net debt to EBITDA ratio, per the terms set forth in the company’s existing credit agreement, is expected to be approximately 2.1x.