Neovasc jumps on $73.78 mln buyout deal from Shockwave Medical

Shockwave Medical

17/01/2023 17:23

(Updates)
    ** U.S.-listed shares of Neovasc Inc  NVCN.O  jump 28.09% to
$27.59 - the biggest pct. rise in 2 years
        ** Shockwave Medical Inc  SWAV.O  declines 7.72% to
six-month low of $187.5 
  
    ** Shockwave Medical Inc  SWAV.O  to acquire all the issued
and outstanding share of NVCN in an all-cash deal of $73.78 mln
    ** Under the agreement, SWAV to pay $27.25 per share to
NVCN's shareholder, which is a premium of 26.5% to NVCN's last
close
    ** NVCN is also eligible to receive additional payment of up
to $47 mln on meeting regulatory milestone 
    ** Transaction is expected to be complete in H1 2023 
    ** SWAV up ~15% last year, while NVCN had risen ~35% 
 (Reporting by Khushi Mandowara in Bengaluru)
 ((Khushi.Mandowara@thomsonreuters.com;))