Why Neovasc Shares Are Trading Higher Today
Neovasc Inc. (NASDAQ:NVCN) shares are trading higher after ShockWave Medical, Inc. (NASDAQ:SWAV) announced it would acquire the company.
What happened: On Tuesday, Neovasc announced that it has entered into a binding agreement with Shockwave Medical, Inc., in which Shockwave has agreed to acquire all of the issued and outstanding common shares of the company.
Neovasc shareholders will receive $27.25 per share in cash upfront upon completion of the transaction, equating to an enterprise value of approximately $100 million, plus deferred payments of up to approximately $47 million on the achievement of future regulatory milestones in the form of a contingent value right per common share to receive payment upon final FDA premarket approval to market the Neovasc Reducer.
Fred Colen, Neovasc’s President and CEO said, “The team at Shockwave has demonstrated an extraordinary ability to scale novel technologies and build value for patients, customers, and investors, and we are thrilled to become a part of their organization.”
Neovasc Inc is a specialty medical device company. It develops, manufactures, and markets products for the rapidly growing cardiovascular marketplace.
According to data from Benzinga Pro, Neovasc Inc. shares are up 28.4%, trading at $27.65 at the time of publication. It has a 52-week high of $21.92 and a 52-week low of $0.29