Altitude Acquisition filed a preliminary proxy outlinging terms of 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.
Altitude shareholders last week approved an extension on closing the deal until March 11, 2024.
Terms call for the combined company to have at least $38 million in net cash at closing. Existing Picard Medical 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. Read more.
