Itamar Medical is acquired for $ 538 million in cash by American ZOLL Medical


by Ifi Reporter Category:Financial Sep 13, 2021

Itamar Medical is acquired for $ 538 million by American ZOLL Medical in a transaction that is entirely in cash. Itamar is a medical device company with a digital platform that focuses on diagnosing sleep apnea, which is traded in Tel Aviv and New York.
In accordance with the terms of the agreement, which was unanimously approved by the boards of directors of each of the companies, Zol Medical will purchase in full the full share capital of Itamar Medical at a price of $ 31 for each deposit certificate (ADS), equivalent to $ 1.03 (NIS 3.31) for an ordinary share of The company. The offer reflects a 50.2% premium on the price of a Nasdaq deposit certificate, as of the closing of September 10 ($ 20.83)
Itamar Medical focuses on the development and commercialization of non-invasive medical devices and solutions that help diagnose sleep-disordered breathing. The company's WatchPAT device is intended for home use in diagnosing sleep-disordered breathing for patients and in medical centers.
The transaction is subject to approval by Itamar Medical's shareholders' meeting, regulatory approvals and other acceptable conditions of suspension. Assuming an acceptable time frame for regulatory approvals and shareholder approval, the parties expect it to be completed within 4-3 months.
Upon completion of the transaction, it is expected that Itamar Medical's existing activities will continue to be conducted from the company's offices and laboratories in Caesarea, including R&D activities, the activities of the company's digital medical technology development center in Herzliya and the production center in Caesarea.
"We are excited to join forces with ZOLL Medical, an international company that provides solutions that meet the needs of their cardiologists and patients. Sleep and will support the diagnosis of patients who are not diagnosed and not treated, "said Gilad Glick, president and CEO of Itamar Medical.
Itamar Medical was founded in 1997 by Dr. Giora Yaron, Prof. Daniel Gur, former Technion President Prof. Peretz Lavie, and Martin Gerstel. The sleep that Lavie set up at the Technion, a laboratory that eventually became a center for sleep medicine. Itamar is named after Lieutenant Itamar Yaron - the brother of Dr. Giora Yaron - who was killed in the Yom Kippur War. The company's shareholders include the Viola Fund, MSP and Chairman Yaron.
"The combination of WatchPAT technology and Itamar Medical's sleep apnea digital medicine solution with the presence of Cheap Medical will accelerate our efforts to promote home sleep apnea medicine, and support the diagnosis of undiagnosed and untreated patients," Glick said.
Sources close to the company said how the huge deal was made: "In the last two years, the parties have had various collaborations. Zol is the owner of Raspi Cardia, which implants pacemakers for sleep apnea. The management of Itamar insisted on a high premium price of about 50%, based on the target price of the analysts at NASDAQ, who gave the share a target of more than $ 30.
 If the shareholders' meeting approves the deal, Itamar will become a private company and be deleted from trading. It will remain an independent division in the group and will continue to employ more than 200 workers. "Cheap people love Itamar Medical's DNA," the insiders noted. . If until today Itamar was conservative, with the money coming in now, they will be able to dream bigger. "



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