Opsens Inc shares surged 47% to $2.84 in midday trading on Tuesday after the cardiology-focused medical device company agreed to be acquired by global healthcare firm Haemonetics Corporation for C$2.90 per share in cash, representing a premium of 50% to Opsens’ closing price on the Toronto Stock Exchange on Friday.
The deal values OpSens at about C$345 million, on a fully diluted equity basis.
Shares of OpSens, which is based in Québec City, have gained 250% over the past five years due to the success of its optical devices including the OptoWire fibre optic, pressure guidewire used in the diagnosis and treatment of patients with coronary artery disease.
The company is also developing devices for structural cardiology applications such as trans-aortal valve replacement (TAVR).
During its most-recently reported quarter (3Q 2023), OpSens saw its revenue climb 31% year over year to $13.2 million, a new quarterly record for the third consecutive quarter.
The transaction is expected to close by the end of January 2024, although a $12 million termination fee would be payable to Opsens should Haemonetics walk away from the deal.
Contact Sean at sean@proactiveinvestors.com