Avertix Medical and BIOS Acquisition announced today that they have mutually agreed to terminate their merger agreement.
The deal had an enterprise value of $195 million at announcement in May.
As a result of the termination, BIOS in an 8-K said it would be unable to complete a deal by deadline and so intends to dissolve and liquidate.
BIOS said it expects to redeem shares for an estimated per-share price of approximately $10.79. The redemptions are expected to be completed within 10 business days after Oct. 4.
“While we were enthusiastic about the potential business combination with BIOS, we mutually agreed that the current market conditions are not conducive to completing the transaction on terms acceptable to both BIOS and Avertix stakeholders,” said Avertix CEO Tim Moran.
Avertix is a medical implant company focused on improving long-term management and outcomes of high-risk coronary disease in patients who have survived one or more heart attacks. Read more.
