Zoll Medical is Kyma’s $35m mystery suitor
Zoll Medical was today revealed as the mystery suitor behind a 35 million bid for Kyma Medical Technologies, a developer of remote cardiac monitoring devices, according to a regulatory filing by Elron Electronic Industries (TASE:ELRN), which owns a stake in Kyma.Elron 1st announced the deal last June but did not name the potential acquirer.
The deal includes potential earnouts worth an unspecified amount, according to the filing, plus a 4½-year earnout schedule for an unspecified series of revenue-based milestones and sales royalties for 5½ years.“The acquisition of Kyma Medical will allow Zoll to broaden its product offerings with additional technologies designed to improve outcomes for heart failure patients with fluid management problems, with the goal of reducing hospitalizations,” Zoll LifeVest president Jason Whiting said in prepared remarks. “With the acquisition, Kyma’s technology will be able to better reach global markets through Zoll’s existing network. Additionally, we expect to leverage Kyma’s strong R&D capabilities as well as the broader research talent available in Israel.”“Zoll provides Kyma with an increased infrastructure of clinical and commercial resources that will enable our technology to reach a greater number of clinicians and patients,” added Kyma president & CEO Murali Srivathsa. “This agreement gives Kyma the opportunity to become part of a company with a long and sustained commitment to improving patient outcomes.”