ResMed has entered into a defintive merger agreement to acquire Noctrix Health for $340 million, according to Noctrix investor Treo Ventures.
Noctrix has developed and commercialized Nidra, a wearable neuromodulation device to treat Restless Legs Syndrome.
“ResMed is uniquely positioned to scale innovative therapies that improve sleep health,” said ResMed CEO Mick Farrell in a statement. “The acquisition of Noctrix Health expands our reach into RLS, the third most prevalent sleep disorder, and aligns with our strategy to address a broader range of sleep-related conditions through connected, patient-centric solutions.”
The Noctrix deal expands ResMed's sleep health product portfolio that already include CPAP machines and related equipment. The transaction comes after a third quarter where ResMed saw its revenues climb 11% year over year to $1.4 billion while net income jumped 9% to nearly $400 million.
Noctrix last year secured up to $33.5 million in private financing to help accelerate the U.S. launch of its technology.
