Wallaby Acquires German Neurovascular Leader Phenox to Accelerate Global Expansion
May 9, 2022 at 2:07:24 PM
Wallaby Medical ("Wallaby" or the "Company"), a global innovative medical technology company focused on developing and commercializing neurovascular interventional products for treating stroke, today announced that it has acquired phenox GmbH, including phenox's femtos GmbH ("femtos"), (together "phenox"), a German-based global innovation and technology leader in the neurovascular space, for a total consideration of approximately EUR 500 million including milestone payments. The acquisition is one of the largest cross-border transactions in the medical device industry globally in recent years and is driven by strong growth opportunities in both product portfolio and geographic coverage. It will enable the combined company to become a global leader in providing a wide range of neurovascular technologies and solutions to its customers and patients around the world, including in the U.S., China, Europe, Japan and other international markets.
The transaction has received all necessary regulatory approvals and has been completed. Michael Alper, CEO of Wallaby, will become CEO of the combined organization. Prof. Dr.-Ing. Hermann Monstadt, Founder of phenox, will assume the role of Managing Director of phenox. All current phenox product brands will be retained.
Wallaby, with its main offices in Laguna Hills, California and Shanghai, China achieves a significant portion of sales of its world-class and premier-quality products in the U.S. and other major developed markets. phenox, headquartered in Bochum, Germany, provides a broad portfolio of neurovascular devices to treat ischemic and hemorrhagic strokes that are sold in over 45 countries worldwide. The two companies have been strategic partners since 2019. phenox has been the exclusive distributor for Wallaby's Avenir® Coil System in the U.S. and European markets as well as for Wallaby's Esperance™ Aspiration Catheters in the U.S. market.
As part of the transaction, Wallaby also acquired femtos, which develops and manufactures next generation neurovascular devices for treating stroke, with special expertise in femto-second laser technology for the manufacturing of stents and other implantable devices. femtos serves as an incubator for next generation medical technologies and has already developed two CE approved products.
"The acquisition is a natural next step in the relationship of both companies and a transformational step in achieving our vision of saving the most lives affected by stroke", said Michael Alper. "The Wallaby-phenox combination will have deep roots in Europe and China, with a strong presence in the U.S., and a recent entrance into the Japan market. By combining the highly complementary product pipelines of the two companies, we will be able to offer a full spectrum of world-class interventional neurovascular products and solutions. The broadened product portfolio, enhanced R&D capability and expanded geographic coverage will provide Wallaby-phenox with an unparalleled competitive edge as we strive to become a global leader in the neurovascular market."
"I am very pleased to be joining Wallaby," said Hermann Monstadt. "Over the last 17 years we have built a company that is committed to delivering optimal solutions for our customers and patients. Through our past collaboration with Wallaby, I have come to deeply respect this organization and recognize our joint commitment to quality and innovation. This transaction will enable phenox's technology to be further developed with Wallaby's strong resources while also allowing phenox's products to reach new markets, and creating significant opportunities for the combined company."
Wallaby funded the acquisition of phenox from the proceeds of its Series D financing round supported by leading healthcare investors.
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