Fenwick Represents Shockwave Medical in Pending Acquisition of Neovasc

Fenwick is representing Shockwave Medical, Inc. (NASDAQ: SWAV), a medical device company focused on the development of Intravascular Lithotripsy (IVL) to treat severely calcified cardiovascular disease, in its pending acquisition of Neovasc Inc. (NASDAQ,TSX:NVCN), a company focused on the minimally invasive treatment of refractory angina, a chronic condition in which a patient suffers chest pain that cannot be controlled by conventional therapies. Upon the closing of the transaction, Shockwave Medical will acquire all outstanding Neovasc shares for an upfront cash payment of $27.25 per share, corresponding to an enterprise value of approximately $100 million, inclusive of certain deal-related costs. Neovasc shareholders will also receive a potential deferred payment in the form of a non-tradable contingent value right (CVR) entitling the holder to receive up to an additional $12 per share in cash if certain regulatory milestones are achieved.

The acquisition of Neovasc supports Shockwave’s continued commitment to drive growth through innovation and increases the potential to bring even more solutions to the customers and patients they serve with Neovasc’s Reducer System, a first-of-its-kind technology to address refractory angina. More information can be obtained from Shockwave Medical’s announcement.

The Fenwick transaction team included corporate partners Doug Cogen and David Michaels, counsel Jeremy Delman and associates Jordan Beals, Matt Reiser and Jing Liu; capital markets partners Ran Ben-Tzur and Jennifer Hitchcock and associate Beth Clarke; tax partner Adam Halpern and associate Einav Axler; executive compensation and employee benefits partner Matt Cantor and associate Jonathan Stephenson; technology transactions partner Stefano Quintini and associates Pinar Bailey, Catherine Kim, Julie Son and Jennifer Yoon; patent partner Antonia Sequeira; and litigation partner Felix Lee and associate Liam Azartash.