Boston-based medical device manufacturer Haemonetics is continuing its focus on expanding its portfolio of interventional cardiology devices with a strategic acquisition. The company has announced its intent to acquire OpSens, a Canadian firm renowned for its range of optical sensor-equipped devices used in both medical and industrial applications. These devices include coronary guidewires featuring built-in sensors designed to monitor patients’ health during medical procedures.
Haemonetics has made an all-cash offer to purchase all outstanding OpSens shares at $2.90 Canadian dollars each (equivalent to approximately $2.13 U.S.), totaling around $253 million US dollars.
OpSens, in its own announcement, noted that the proposed purchase price represents a premium of nearly 70% over its average stock price in the ten days leading up to the deal’s announcement. Shareholders of both Haemonetics and OpSens have responded positively to the proposal. OpSens’ stock price surged by over 45% on the morning of the announcement, surpassing the $2 mark for the first time in over a year, while Haemonetics’ share price experienced a more modest increase, steadily climbing approximately 2% during that morning’s trading session.
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The transaction is set to be finalized by the end of January 2024 and has already received unanimous approval from OpSens’ board of directors. The board has also recommended that shareholders vote in favor of the acquisition.
“This transaction will create value for our shareholders and is a testament to the quality of the team’s work over the years, the added value of our products, and the potential for the years to come. The integration within Haemonetics should enhance the benefits for OpSens’ products with access to a world-class sales network while capitalizing on the specialized production and R&D expertise of OpSens.”
– Louis Laflamme, CEO and President of OpSens
Haemonetics anticipates that the acquisition will have an immediate positive impact on its revenue growth. The company plans to leverage this acquisition as a launchpad for both internal and external research and development within its hospital business unit. Of particular note are OpSens’ SavvyWire and OptoWire products, utilized in transcatheter aortic valve replacement (TAVR) and percutaneous coronary intervention (PCI) procedures, respectively. These guidewires are equipped with sensors to provide real-time measurements of pressure and critical indicators during surgery, offering valuable guidance to physicians.
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These OpSens products are seen as complementary to Haemonetics’ expanding portfolio of vascular closure devices, which have been a major focus for the company over the last two years. Haemonetics initially entered the vascular closure product space in 2021 with the acquisition of Cardiva Medical for $510 million.
This deal brought the Vascade vascular closure system into Haemonetics’ offerings, which has since gained CE mark clearance and was utilized in its first European procedure in August. Furthermore, the company is considering another acquisition in the vascular closure device sector, having invested 30 million euros in Vivasure Medical earlier this year, an agreement that includes an option for Haemonetics to acquire the Irish device manufacturer upon reaching certain milestones.
