Coloplast Buys Nine Continents Medical for Initial $145 Million
November 03 2020 - 7:26AM
Dow Jones News
By Dominic Chopping
Danish medical-device company Coloplast A/S said Tuesday that it
has bought Nine Continents Medical, Inc. for an initial $145
million.
Nine Continents Medical is a privately held company that has
developed an implantable tibial nerve stimulation treatment for
overactive bladder.
Coloplast said it expects to begin pivotal studies of the
treatment in 2021 and hopes to obtain premarket approval for a
device in the U.S. and European Union between 2024 and 2025.
The acquisition price consists of $145 million upfront in
cash--financed using existing credit facilities--and an additional
contingent future milestone payment.
The deal doesn't change Coloplast's dividend policy, and it has
no impact on Coloplast's long-term guidance of 7%-9% annual organic
growth and a more than 30% earnings before interest and tax margin
in constant currencies.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
November 03, 2020 07:11 ET (12:11 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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