Haemonetics Corporation – a global medical technology company focused on delivering innovative medical products and solutions to drive better patient outcomes – announced that it has entered into a definitive agreement to acquire privately-held Chicago-based Attune Medical, the manufacturer of the ensoETM proactive esophageal cooling device – which is the only FDA-cleared temperature regulation device indicated for esophageal protection during radiofrequency (RF) cardiac ablation procedures.
Under the terms of the deal, Haemonetics will acquire Attune Medical for an upfront cash payment of $160 million at closing, plus additional contingent consideration based on sales growth in the three years following the consummation of the transaction and the achievement of certain other milestones. And the acquisition is subject to customary closing conditions and is expected to be completed in the first quarter of Haemonetics’ fiscal year 2025.
In the treatment of atrial fibrillation – a condition that affects 3 to 6 million people in the U.S. – ensoETM significantly reduces the likelihood of esophageal injury during RF cardiac ablations. Studies have reported reduced procedure times, patient readmissions, and increased rates of same-day discharge and long-term procedure success with the use of ensoETM.
Attune Medical generated about $22 million in revenue during its most recently completed fiscal year, which ended December 31, 2023, more than doubling its revenue from the prior fiscal year. Haemonetics expects this transaction to be immediately accretive to revenue and earnings growth following its completion.
Haemonetics plans to finance this acquisition through cash-on-hand and a draw under its revolving credit facility.
DLA Piper served as Haemonetics’ legal advisor, William Blair as its financial advisor, and Perkins Coie as its legal advisor for Attune Medical.
KEY QUOTES:
“Attune Medical’s ensoETM will bolster Haemonetics’ presence in the electrophysiology market and complement our leadership in Vascular Closure. EnsoETM effectively reduces esophageal injuries without requiring hospitals to purchase complex and costly new ablation systems. With this groundbreaking solution we look forward to empowering more physicians to improve patient outcomes, and expanding our EP portfolio with yet another industry-leading technology to accelerate the growth and impact of our Interventional Technologies business.”
- Stewart Strong, Haemonetics’ President, Global Hospital
“We are thrilled to become part of Haemonetics. Their Hospital business has strong positions in both EP and critical care, and their international channels are robust and expanding. We believe Haemonetics is the best company to bring ensoETM’s substantial benefits to more caregivers worldwide to enable new standards of care.”
- Jay Istvan, Chief Executive Officer at Attune Medical
