Edwards Lifesciences Completes Acquisition of CASMED
IRVINE, Calif., April 18, 2019 -- Edwards Lifesciences Corporation (NYSE: EW), 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. (NASDAQ: CASM) (CASMED), 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.
About Edwards LifesciencesEdwards Lifesciences, based in Irvine, Calif., is the global leader in patient-focused medical innovations for structural heart disease, as well as critical care and surgical monitoring. Driven by a passion to help patients, the company collaborates with the world's leading clinicians and researchers to address unmet healthcare needs, working to improve patient outcomes and enhance lives. For more information, visit www.Edwards.com and follow us on Twitter @EdwardsLifesci.
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements include, but are not limited to, Ms. Szyman's statements and statements regarding expected product benefits, the benefits of the transaction, including future financial and operating results, anticipated product approvals, future plans related to the product lines, objectives and expectations and other statements that are not historical facts. Such statements are based on the views and assumptions of the management of the company and are subject to significant risks and uncertainties.
Actual future events or results may differ materially from these statements as a result of various factors, including: unexpected costs or financial impacts of the transaction, unanticipated outcomes after more expanded clinical experience with the devices, unexpected changes or delays related to product supply, potentials for unexpected regulatory or quality delays or developments, competitive dynamics, global economic conditions and customer acceptance, and other economic, business, and/or competitive factors. The forward-looking statements speak only as of the date of this communication. Except as required by law, we undertake no obligation to update these statements. These factors are detailed in the company's filings with the Securities and Exchange Commission including its Annual Report on Form 10-K for the year ended December 31, 2018. These filings, along with important safety information about our products, may be found at edwards.com.
Edwards, Edwards Lifesciences, the stylized E logo, CASMED, FORE-SIGHT, and HemoSphere are trademarks of Edwards Lifesciences Corporation or its affiliates. All other trademarks are the property of their respective owners.
This statement is made on behalf of Edwards Lifesciences Corporation and its subsidiaries.
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