Zoll Medical and Itamar Medical have announced that the two companies signed a definitive agreement under which Zoll Medical will acquire all outstanding ordinary shares of Itamar Medical for a total value of approximately US$538 million.
Itamar Medical is focused on the development and commercialisation of non-invasive medical devices and solutions to aid in the diagnosis of respiratory sleep disorders. The company pioneered the WatchPAT Home Sleep Apnea Device, a US Food and Drug Administration (FDA)-cleared home-based testing device for sleep apnoea.
Research has shown complex interrelationships between cardiovascular disease and both obstructive sleep apnoea (OSA) and central sleep apnoea (CSA). OSA is associated with increases in the incidence and progression of coronary heart disease, heart failure, stroke, and atrial fibrillation, while CSA associated with Cheyne-Stokes respiration predicts incident heart failure and atrial fibrillation, and strongly predicts mortality among patients with heart failure.
“Zoll Medical is committed to improving outcomes for underserved patients suffering from serious cardiopulmonary conditions,” said Jon Rennert, CEO of Zoll Medical. “It is currently estimated that 60% of cardiovascular patients suffer from some form of sleep apnoea, and the majority of these patients go undiagnosed. The combination of Zoll Medical and Itamar Medical will help more patients receive diagnosis and treatment for sleep-disordered breathing. We look forward to helping strengthen the collaboration between the worlds of cardiology and sleep medicine.”
“We are excited to join forces with Zoll Medical, a leader in addressing the needs of cardiologists and their patients. The integration of Itamar’s WatchPAT technology and Digital Health solution for sleep apnea with Zoll Medical’s commercial footprint will accelerate our mission of advancing home sleep medicine to benefit the population of undiagnosed and untreated patients,” said Gilad Glick, president and chief executive officer of Itamar Medical.
“We believe the transaction is in the best interest of Itamar’s various stakeholders,” said Shy Basson, Itamar’s chief financial officer.