Danish medical device company Ambu A/S (CPH: AMBU-B) agreed to acquire Israeli-based ETView Medical Ltd. (TASE: ETVW) for $16 million on a debt and cash free basis.

ETView owns and manufactures patent-protected single-use airway tubes with a camera integrated into the tubes. The company was founded in 2004 and has been listed on the stock exchange in Tel Aviv since 2010. ETView is based in Misgav, Israel, it employs 16 people and posted revenue of $2.1 million in 2015.

“ETView has done a fantastic job in developing a unique product line that improves patient care and helps doctors and nurses reduce complexity and save time during surgery through continuous monitoring of the patients’ airway,” said Ambu president & CEO, Lars Marcher. “Today’s signing marks a strategic acquisition for Ambu that will increase our relevance to hospitals.”

The Trendlines Group (SGX: 42T)(ADR OTC: TRNLY), an Israeli innovation commercialization company which engineered the deal, said it has sold its 26.5% stake in ETView as part of the deal. Trendlines expects to receive net proceeds of $3.3 million from the sale of its stake, resulting in a pre-tax gain of $2 million.

“ETView has become a global leader in lung isolation airway management with sales in North America, South America, Europe, Asia and Africa,” said ETView’s chairman Todd Dollinger, who also serves as chairman and CEO of Trendlines. “The sale of ETView marks the first exit that Trendlines has completed since listing on Singapore Stock Exchange (SGX) on 26 November 2015.”

Trendlines creates, discovers, invests in, and incubates innovation-based medical and agricultural technologies to fulfill its mission to improve the human condition. As intensely hands-on investors, Trendlines is involved in all aspects of its portfolio companies from technology development through business building.

Hospitals in US, Europe and Asia are currently converting from re-usable bronchoscopes to the single-use Ambu aScope. The products of ETView address the same call points as the Ambu aScope and will enable Ambu to accelerate conversion of the hospital market from re-usable to single-use within the area of pulmonary endoscopy.

“The airway tubes from ETView are “plug and play” products for Ambu because they supplement the aScope, add procedure benefits and touch the same call-points in the hospitals that our sales force addresses today,” commented Marcher.

The board of directors of ETView unanimously approved the deal. Completion is subject to final shareholder approval in Israel and is expected to take place during Q4 of Ambu’s current financial year. The acquisition price will be financed out of Ambu’s existing credit lines, and it is planned to have ETView de-listed from the Tel Aviv stock exchange subsequent to completion.

Ambu A/S is engaged in the development, manufacture and marketing of diagnostic and life-supporting devices for hospitals and rescue services. The company’s operations are structured into three business areas: Anaesthesia, Patient Monitoring & Diagnostics and Emergency Care. Millions of patients and healthcare professionals worldwide depend on the functionality and performance of its products. Headquartered near Copenhagen in Denmark, Ambu employs approximately 2,300 people in Europe, North America and Asia Pacific. Ambu, formerly Testa Laboratorium, was founded in 1937 and is listed on the NASDAQ OMX Copenhagen.

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