Healthcare giant Johnson & Johnson (NYSE: JNJ) today announced that it has entered into a definitive agreement to acquire an Israeli company V wavewhich has developed an innovative treatment for patients with heart failure. Johnson & Johnson will provide an upfront payment of $600 million, with the possibility of additional regulatory and commercial payments that could increase the deal to $1.7 billion. V-Wave will join Johnson & Johnson as part of Johnson & Johnson MedTech. The deal is expected to close by the end of 2024.
The Ventura Interatrial Shunt from V-Wave is a new implantable device designed to reduce the elevated left atrial pressure found in congestive heart failure by creating a shunt between the left and right atria, thereby reducing cardiovascular events and hospitalizations due to heart failure.
V-Wave was founded in 2010 by Yaakov Nitzan, Dr. Asher Shmlowitz, and Dr. Gad Keren. In 2013, the company completed animal trials of the shunt, and in 2014, the first human implant was performed. In 2016, the company raised $70 million in a funding round led by Johnson & Johnson and Edwards. The company is led by CEO Dr. Neil Egler, European COO Erez Rosenfeld, and Chairman Dr. Frank Litvak.
In 2020, the company raised an additional $28 million led by Deerfield Management with participation from Endeavor Vision, BRM, Aperture Venture Partners, Johnson & Johnson’s JJDC Fund, Pontifax, Quark Venture, Pura Vida, Triventures Fund, and Israel Secondary Fund.
The V-Wave product has already received marketing approval in Europe and is in advanced stages of applying for FDA approval for marketing in the United States. Johnson & Johnson said in the acquisition announcement that the V-Wave product will be the first of its kind in the world.
“We are excited to welcome V-Wave to Johnson & Johnson MedTech and take another meaningful step toward transforming the standard of care for cardiovascular disease,” said Tim Schmid, executive vice president and chairman of Johnson & Johnson MedTech Global. “We recognize the importance of identifying more versatile and effective treatments for heart failure, and our recent track record demonstrates our focus on accelerating our impact on the most pressing and urgent needs. We know V-Wave well, dating back to our original investment in the company in 2016, and have a deep understanding of the technology and science, as well as the company’s commitment to patients. We look forward to working with the V-Wave team at this pivotal stage of its development to bring Ventura Interatrial Shunt technology to patients.”
This article was published in Globes, Israeli Business News – en.globes.co.il – on August 20, 2024.
© Copyright Globes Publisher Itonut (1983) Ltd., 2024.
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