Connect with us

Hi, what are you looking for?

Jewish Business News

Business

ZOLL Medical Buys Itamar Medical for $538 Million

Itamar Medical

Israeli medtech company Itamar Medical has been sold to ZOLL Medical, an Asahi Kasei company that manufactures medical devices and related software solutions, for $538 million. The deal is subject to final approval by Itamar’s shareholders.

Under the terms of the agreement, which has been unanimously approved by the boards of directors of ZOLL Medical and Itamar, ZOLL Medical will acquire all outstanding ordinary shares of Itamar Medical for $31 per American Depository Share (ADS), or $1.03 per ordinary share, in cash.

Medtech is basically any new technology that has to do with medical issues. Itamar Medical is focused on the development and commercialization of non-invasive medical devices and solutions to aid in the diagnosis of respiratory sleep disorders. The company pioneered the WatchPAT Home Sleep Apnea Device, an innovative sleep apnea diagnosis program for patients and healthcare professionals.

The big exits by way of sell outs and mergers for Startup Nation just keep on coming and coming. And the medtech sector has been catching up with cybersecurity as the hot field for investments. This may be a big deal, but it comes far short of the $1.07 billion that Boston Scientific paid to acquire Israeli energy-based medical solutions developer Lumenis Ltd. The Lumenis surgical business includes premier laser systems, fibers and accessories used for urology and otolaryngology procedures.

But the sale price does beat out the $500 million that Bioventus paid for Israel’s CartiHeal just last month. CartiHeal is a privately-held Israeli medical device company that develops proprietary implants for the treatment of cartilage and osteochondral defects in traumatic and osteoarthritic joints.

In recent years Israel has become known as the startup state or Startup Nation. The country has had multi-billion dollar exits for numerous software and security companies. But Startup Nations is also known for its medtech startups. Israel has always been a center for medical research and innovation. Now put that together with its startup culture and you have medtech nation.

In August, Israeli startup RealView Imaging, which offers innovations in medtech that use holographic imaging, got FDA approval for its HOLOSCOPE-I. RealView also brought in an additional $5 million in funding from the Lowy Medical Research Institute and Rami Ungar to complete a $15 million Series C round. The company’s proprietary Digital Light Shaping technology provides physicians with a unique natural user experience, creating the only accurate, three-dimensional holograms within hands reach.

“We are excited to join forces with ZOLL Medical, a leader in addressing the needs of cardiologists and their patients. The integration of Itamar’s WatchPAT® technology and Digital Health solution for sleep apnea with ZOLL Medical’s commercial footprint will accelerate our mission of advancing home sleep medicine to benefit the population of undiagnosed and untreated patients,” said Gilad Glick, President and Chief Executive Officer of Itamar Medical.

“We believe the transaction is in the best interest of Itamar’s various stakeholders,” said Shy Basson, Itamar’s Chief Financial Officer.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Newsletter

Advertisement

You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...

empty

The contract signed between the Israeli government and Pfizer shows clearly and unequivocally that this is a clinical study on humans - The agreement...

Travel

After two decades without a rating system in Israel, at the end of 2012 an international tender for hotel rating was published.  Invited to place bids...

Business

Now Platika joins and elite club of $10 billion plus Israeli firms.

Advertisement