In January Shockwave Medical made an announcement that not only shook up the cardiovascular industry, but it foreshadowed a more active M&A scene than what was seen last in 2022. (Editor’s note: For a complete rundown of M&A in 2022 check out MD+DI’s Report on the Top Medtech Deals of 2022).

The Santa Clara, CA-based company said it was acquiring Neovasc for about $100 million with deferred payments of up to approximately $47 million on the achievement of future regulatory milestones. Now Shockwave Medical has made good on that announcement and has closed on the deal.

With the acquisition the company inherits the Neovasc Reducer System, a technology to address refractory angina. The Reducer has been granted Breakthrough Device designation by FDA. The technology is CE-marked and is currently enrolling patients in the COSIRA-II study, a randomized clinical trial being conducted under an Investigation Device Exemption intended to support FDA approval for patients with coronary obstructive refractory angina.  

Neovasc began intense focus on the Reducer after it put its Tiara transfemoral mitral valve replacement program on hold in June of 2021. 

Shockwave noted there was a significant market for the Reducer. The company said it is estimated that each year, in the U.S. and the European Union alone, up to 300,000 new patients with obstructive coronary disease who are ineligible for conventional revascularization experience refractory angina, despite guideline-directed medical therapy. In addition, it is estimated that up to another 500,000 new patients present with angina and non-obstructive coronary artery disease in the U.S. and the E.U. each year.

Shockwave is a pioneer in the development of Intravascular Lithotripsy to treat severely calcified cardiovascular disease.