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Vascular Device Maker Sahajanand Medical Technologies Files DRHP With SEBI

Sahajanand Medical Technologies Limited, a leading medical devices company that researches, designs, develops, manufactures and markets vascular devices globally has filed its Draft Red Herring Prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI).

The company plans to raise Rs 1,500 crore via initial public offering (IPO) through fresh issue aggregating up to Rs. 410.33 crore and an offer for sale (OFS) aggregating up to Rs. 1,089.67 crore by selling shareholders.

Sahajanand Medical Technologies is amongst the top five companies in terms of market share (by sales volume of drug eluting stent or DES) in each of Germany, Netherlands, Italy and Poland, as of March 31, 2021, according to Frost & Sullivan. The company has a leading market share of 21 per cent, 25 per cent and 31 per cent in fiscals- 2019, 2020 and 2021, respectively, of the total drug eluting stent sales volume in India.

The OFS comprises equity shares aggregating to Rs. 100 crore by Dhirajkumar S Vasoya, equity shares aggregating up to Rs. 33.75 crore by Shree Hari Trust (acting through its trustee), equity shares aggregating up to Rs. 635.56 crore by Samara Capital Markets Holding Limited and equity shares aggregating up Rs. 320.36 crores by Nhpea Sparkle Holding BV.

The company proposes to utilise net proceeds from the issue towards making repayment/pre-payment, of certain indebtedness availed by company and its subsidiaries up to an estimate amount of Rs. 255 crore and funding working capital requirement of its indirect foreign subsidiaries, vascular innovations up to an estimate amount of Rs. 40.3 crore and the balance amount for general corporate purpose.

The book running lead managers to the offer are Axis Capital Limited, BofA Securities India Limited, Edelweiss Financial Services Limited and UBS Securities India Private Limited.

The equity shares are proposed to be listed on BSE and NSE.

http://pharmabiz.com/NewsDetails.aspx?aid=142895&sid=2


Abbott Acquires Walk Vascular A Commercial-Stage Medical Device Company

The acquisition builds Abbott's vascular portfolio, adding mechanical thrombectomy devices for treating patients with peripheral blood clots.

Abbott, a global healthcare leader, announced that it has acquired Walk Vascular, LLC, a commercial-stage medical device company with a minimally invasive mechanical aspiration thrombectomy system designed to remove peripheral blood clots.

Walk Vascular's peripheral thrombectomy systems will be incorporated into Abbott's existing endovascular product portfolio. Financial terms were not disclosed.

"The acquisition of Walk Vascular fits well into our leading vascular device offerings and further drives Abbott's ability to provide one-of-a-kind endovascular therapy solutions to improve patient care," said Julie Tyler, Senior Vice President of Abbott's vascular business.

"Walk Vascular's technology provides physicians with tools to efficiently remove dangerous clots from blood vessels to improve patient care."

Walk Vascular's JETi Peripheral Thrombectomy System and next-generation JETi AIO (All In One) Peripheral Thrombectomy System are unique aspiration systems for the removal of intravascular clots, known as thrombus, that can reduce blood flow and lead to serious complications for patients.

The innovative JETi systems are designed to break-up and remove clots from the peripheral vascular system while reducing the risk of dislodged clots. The systems are backed by real-world clinical experiences, and Walk is currently enrolling up to 250 patients in the United States and Europe in the JETi Registry.

Both the JETi Peripheral Thrombectomy Systems have received 510(k) clearance from the US Food and Drug Administration (FDA) for the aspiration and breaking up of soft emboli and thrombus from the peripheral vasculature, as well as CE Mark in Europe and approvals in other countries.

https://health.economictimes.indiatimes.com/news/medicaldevices/abbott-acquires-walk-vascular-a-commercial-stagemedical-device-company/8588946

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