Medical device and technology solutions provider Zoll Medical will be making a strategic acquisition that is bound to help sleep disorder sufferers get a good night’s rest.
Zoll is set to absorb Itamar Medical, a medical diagnostic equipment manufacturer, for an estimated $538 million. Massachusetts-based Zoll will pick up all outstanding shares of Itamar at a rate of $31 per American Depository Share. This represents a 50.2% premium over the cost of Itamar’s extant Nasdaq market ADSs.
The boards of both companies were reportedly eager to approve this transaction, although the shareholders of Itamar, in addition to routine regulatory approvals and closing conditions, must fall in line prior to finalization. Upon the deal’s expected end-of-2021 completion, Itamar’s day-to-day operations will carry on at its Caesarea, Israel headquarters.
Itamar’s WatchPAT sleep apnea device for at-home apnea diagnosis has been an outstanding success in professional healthcare scenarios and earned FDA approval in early 2020. Zoll is pledging to generate better diagnostic and care solutions for patients with severe cardiopulmonary conditions by collaborating with Itamar. Studies show that around 60% of cardiovascular patients experience some form of sleep apnea—and a vast majority of them are undiagnosed. Zoll and Itamar are committed to improving this diagnosis rate and providing the intersection of sleep medicine and cardiology with the most advanced solutions they can muster.