Haemonetics entered into a definitive agreement to acquire Chicago-based Attune Medical, the manufacturer of the ensoETM proactive esophageal cooling device, an FDA-cleared temperature regulation device indicated for esophageal protection during radiofrequency (RF) cardiac ablation procedures.
Under the terms of the agreement, 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. 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. Additionally, studies have reported reduced procedure times and patient readmissions, and increased rates of same-day discharge and long-term procedure success with the use of ensoETM.
Attune Medical generated approximately $22 million in revenue during its most recently completed fiscal year 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 the completion of the transaction.
Haemonetics plans to finance this acquisition through a combination of cash-on-hand and a draw under its revolving credit facility.
DLA Piper served as legal advisor for Haemonetics. William Blair served as financial advisor and Perkins Coie served as legal advisor for Attune Medical.
