Saturday, April 20, 2019
Edwards Lifesciences Corporation, the global leader in patient-focused innovations for structural heart disease and critical care monitoring, today announced the completion of its acquisition of CAS Medical Systems, Inc., a medical technology company dedicated to non-invasive brain and tissue oxygenation monitoring. Edwards announced in February that it had signed an agreement to acquire CASMED. Under the terms of the agreement, Edwards paid $2.45 in cash for each common share of CASMED, which equates to an equity value of approximately $100 million.
As part of the acquisition, Edwards has acquired CASMED's FORE-SIGHT non-invasive cerebral oxygenation technology. Edwards plans to pair the FORE-SIGHT technology with the company's HemoSphere advanced hemodynamic monitoring platform, which would create a unique offering of enhanced recovery tools and predictive analytics capabilities for clinicians.
"The acquisition of the FORE-SIGHT technology represents an opportunity to grow the Edwards critical care portfolio and further strengthen the company's leadership in smart monitoring technologies," said Katie Szyman, Edwards' corporate vice president, critical care. "We believe this combination has the promise to provide clinicians with more clarity and information to deliver improved care for surgical and critically ill patients."
The FORE-SIGHT technology is currently approved globally, including the United States, Europe, China and Japan. In the United States, Edwards is anticipating a decision later this year from the Food and Drug Administration for a pending 510(k) clearance for components that enable compatibility between the FORE-SIGHT technology and the HemoSphere advanced hemodynamic monitoring platform.
XMS Capital Partners is serving as financial advisor to Edwards and Pepper Hamilton LLP is serving as Edwards' legal advisor. William Blair & Company L.L.C. is serving as financial advisor to CASMED and Wiggin and Dana LLP is serving as CASMED's legal advisor.