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ZOLL Medical Corporation, an Asahi Kasei company, to acquire Israeli medical device manufacturer Itamar Medical

September 13, 2021
Asahi Kasei Corp.

ZOLL Medical Corporation (ZOLL Medical), an Asahi Kasei company, has signed a definitive agreement with Itamar Medical Ltd. (Itamar), a medical device and digital health company focused on the integration of sleep apnea diagnosis into the cardiac patient care pathway, whereby ZOLL Medical will acquire all outstanding ordinary shares of Itamar for a total value of approximately $538 million.

With established businesses centered on cardiopulmonary resuscitation, notably defibrillators for medical professionals, automated external defibrillators (AEDs), and LifeVest® wearable defibrillators, ZOLL Medical has sought ways to improve outcomes for patients in related areas such as heart failure and respiratory dysfunction.

There are two primary classifications of sleep apnea: obstructive sleep apnea (OSA) and central sleep apnea (CSA). While OSA results from a blockage of the upper airway, CSA occurs when the brain fails to send appropriate signals to the breathing muscles that stimulate a regular breathing pattern. Research has shown complex interrelationships between cardiovascular disease and both obstructive sleep apnea (OSA) and central sleep apnea (CSA). OSA is associated with increases in the incidence and progression of coronary heart disease, heart failure, stroke, and atrial fibrillation, while CSA associated with Cheyne-Stokes respiration predicts incident heart failure and atrial fibrillation, and strongly predicts mortality among patients with heart failure.1

In April 2021, ZOLL Medical acquired Respicardia, Inc., a U.S. medical equipment company which manufactures and sells the remedē® System, an implantable neurostimulator device for the treatment of CSA. Please refer to the press release entitled “ZOLL Medical Corporation, an Asahi Kasei company, acquires Respicardia, Inc.”

Itamar is focused on the development and commercialization of non-invasive medical devices and solutions to aid in the diagnosis of respiratory sleep disorders. Itamar pioneered the WatchPAT® Home Sleep Apnea Device, an innovative sleep apnea diagnosis program for patients and healthcare professionals. The WatchPAT device is FDA-cleared and continues to gain recognition as a safe and effective method for home-based testing for sleep apnea.

Profile of Itamar Medical

Caesarea, Israel
President & CEO
Gilad Glick
Business content
Development, manufacture, and sale of WatchPAT® products for medical diagnosis
Approximately 280

“ZOLL Medical is committed to improving outcomes for underserved patients suffering from serious cardiopulmonary conditions,” said Jon Rennert, CEO of ZOLL Medical. “It is currently estimated that 60% of cardiovascular patients suffer from some form of sleep apnea, and the majority of these patients go undiagnosed.2 The combination of ZOLL Medical and Itamar will help more patients receive diagnosis and treatment for sleep-disordered breathing. We look forward to helping strengthen the collaboration between the worlds of cardiology and sleep medicine.”

“We are excited to join forces with ZOLL Medical, a leader in addressing the needs of cardiologists and their patients. The integration of Itamar’s WatchPAT® technology and Digital Health solution for sleep apnea with ZOLL Medical's commercial footprint will accelerate our mission of advancing home sleep medicine to benefit the population of undiagnosed and untreated patients,” said Gilad Glick, President and CEO of Itamar.

ZOLL Medical’s acquisition of Itamar is subject to approval by the shareholders of Itamar, regulatory approvals and other customary closing conditions. Assuming typical regulatory and shareholder approval timeframes, ZOLL Medical and Itamar currently expect the transaction to close by the end of 2021.

Once the acquisition is completed, it is expected that Itamar’s principal operations will continue at its current location in Caesarea, Israel, including its R&D and Digital Health Technology centers, as well as the production center.