Blakes advised Neovasc Inc., a publicly-traded and cross-border listed specialty medical device company that develops, manufactures, and markets cardiovascular products with headquarters in Vancouver, British Columbia, on its acquisition by Shockwave Medical Inc., a pioneer in the development of medical therapies to treat severe cardiovascular disease based in Santa Clara, California, for approximately US$100-million in cash upfront, with up to US$47-million in contingent value right payments.
The Neovasc Reducer System is a first-of-its-kind technology to address refractory angina, a chronic condition in which a patient suffers chest pain that cannot be controlled by conventional therapies. It is estimated that each year, in the U.S. and the E.U. alone, up to 300,000 new patients with obstructive coronary disease experience refractory angina, and up to another 500,000 new patients present with angina and non-obstructive coronary artery disease (ANOCA) in the U.S. and the E.U. each year.