Altitude Acquisition in a regulatory filing included an investor presentation highlighting its proposed merger with Picard Medical and unit SynCardia Systems. At announcement in April the deal had a pre-money enterprise value of $480 million. SynCardia is engaged in mechanical heart replacement technology.
If approved, upon closing Picard Medical Holdings would list on the Nasdaq.
Terms call for the combined company to have at least $38 million in net cash at closing. Existing Picard Medical equity holders are rolling 100% of their equity into the merged enterprise.
Proceeds from the transaction are expected to accelerate SynCardia’s international expansion, support its pursuit of FDA approval for long-term indications, and advance research & development of next generation products.
White & Case is legal advisor to Altitude. Winston & Strawn is legal advisor to Picard Medical.
SynCardia said it manufactures, sells, and markets the world’s “first and only” FDA approved and commercially available Total Artificial Heart to replace the full functions of a failing or failed human heart caused by end-stage, biventricular heart failure. Read more.
