CMS advises shareholders in invendo medical on sale to Ambu A/S

Munich – NASDAQ-listed Ambu A/S has acquired medical technology company invendo medical for a purchase price of up to EUR 225 million. The transaction enables Ambu A/S, a specialist in disposable devices for hospitals, to expand its product range by adding sterile disposable endoscopy equipment.

A CMS team headed by Stefan-Ulrich Müller and Dr Tilman Weichert advised the shareholders in invendo medical on all legal aspects of the sale. In addition to the company founders, Dr Konstantin Bob and Dr Alexander Bob, the main shareholders include venture capital funds managed by Xeraya Capital, TVM Capital, Wellington Partners, 360 Capital Partner and Heidelberg Innovation, plus other family offices and private investors. CMS has been providing legal advice to invendo medical and its shareholders on an ongoing basis since 2004.

invendo medical was the first company in the world to develop a sterile endoscopy system for single use in gastroenterology. The firm is based in Kissing, Bavaria, and has 35 employees. Some 70 million endoscopies of the gastrointestinal tract are currently carried out each year using re-usable endoscopes. Recent years have seen an increasing number of reported cases involving transfer of multi-resistant germs between patients via contaminated endoscopes. The sterile endoscopes from invendo medical cut out the need for reprocessing, with its associated costs, as well as eliminating the risk of cross-contamination.

It is expected that the second generation of the invendo medical imaging endoscopy system will be approved by the US health authority (FDA) in 2018. The upfront purchase price of EUR 115 million paid by Ambu A/S will increase by EUR 70 million depending on whether milestones are met. A further EUR 40 million will become due as an earn-out over the next four years.

Ambu develops, produces and markets professional diagnostic and life-saving products as well as training equipment for hospitals and emergency services. Its product range includes devices for video-aided intubation, artificial respiration and for airway management. 

CMS Germany

Stefan-Ulrich Müller, Partner
Dr Tilman Weichert, Counsel, both Lead
Marcel Nurk, Senior Associate
Anton Hieber, Associate, all Corporate/M&A
Stefan Lüft, Partner, IP
Dr Martin Mohr, Counsel, Tax

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