HistoSonics, a medical technology company has announced a majority stake acquisition led by its executive management and a syndicate of high-profile global investors.
The transaction, which values the company at approximately US$2.25bn, is expected to accelerate the commercial rollout and clinical expansion of its non-invasive histotripsy therapy platform.
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The investor group includes K5 Global, Bezos Expeditions, Wellington Management, and several other new and existing stakeholders.
The move positions HistoSonics for further global expansion and the development of new clinical applications beyond its current focus on liver tumours.
The company will continue to be led by President and Chief Executive Officer Mike Blue, who will also assume the role of Chairman of the Board following the close of the deal.
Founded in 2009, HistoSonics uses focused ultrasound to mechanically destroy and liquefy targeted tissue at the sub-cellular level. The technology is designed to provide a non-invasive alternative to traditional procedures, without the toxicity or surgical risks typically associated with cancer treatment. In October 2023, the company received De Novo clearance from the U.S. Food and Drug Administration (FDA).
To date, more than 2,000 patients have been treated using the Edison System at over 50 leading U.S. medical centres, with a further 50 system installations planned by the end of the year. The company is currently enrolling patients in ongoing clinical trials for liver, kidney (HOPE4KIDNEY Trial, NCT05820087), and pancreatic tumours (GANNON Trial, NCT06282809), and plans to launch trials in prostate cancer and other areas in the near future.
Additional investors participating in the transaction include Alpha JWC Ventures, Alpha Wave Ventures, Venture Investors Health Fund, Lumira Ventures, Hatteras Venture Partners, Early Stage Partners, Amzak Health, HealthQuest Capital, Yonjin Venture, the State of Wisconsin Investment Board, the State of Michigan Retirement System, and Johnson & Johnson’s venture arm, JJDC, Inc.
Citi served as financial adviser and Fox Rothschild as legal adviser to HistoSonics. Morgan Stanley & Co. LLC advised the investment syndicate, with legal support from Cooley and Orrick. Wilson Sonsini Goodrich & Rosati acted as legal counsel to HistoSonics’ existing major shareholders.
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