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LivaNova Acquires Full Ownership of Medical Device Maker Caisson Interventional.

M2 EQUITYBITES-May 4, 2017-LivaNova Acquires Full Ownership of Medical Device Maker Caisson Interventional

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4 May 2017 - London, UK-based medical technology company LivaNova PLC (NASDAQ: LIVN) has acquired the remaining 49% outstanding interests in Minnesota, US-based clinical-stage medical device company Caisson Interventional, LLC, giving LivaNova 100% ownership in Caisson, the company said.

Caisson is focused on the design, development and clinical evaluation of a novel transcatheter mitral valve replacement implant with a fully transvenous delivery system.

The company initiated its clinical trials through the US FDA early feasibility study program, and will add clinical sites in Europe and Canada.

LivaNova has been an investor in Caisson since 2012 and has agreed to pay up to USD 72m, net of USD 6m of debt forgiveness, to acquire the remaining 51% of the company. The first payment of USD 18m was made at closing with the balance paid on a schedule driven primarily by regulatory approvals and sales earn outs.

The company said the acquisition will support its strategic growth initiatives.

As a result of the acquisition, LivaNova said it expects to recognise a pre-tax non-cash gain during the second quarter on the USD 15m book value of its existing investment in Caisson.

This acquisition will be dilutive to earnings for several years, but LivaNova anticipates this transaction will meet all long-term financial metrics and internal standards.

The Caisson TMVR system is not approved for sale in any country.

LivaNova PLC has a presence in more than 100 countries worldwide, and employs more than 4,500 employees. LivaNova operates as three business franchises, including cardiac surgery, neuromodulation and cardiac rhythm management, with operating headquarters in Italy, US and France respectively.

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Publication:M2 EquityBites (EQB)
Date:May 4, 2017
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