Medical device maker NeuWave Medical Inc has been acquired by Johnson & Johnson subsidiary Ethicon, according to an announcment by HIG BioHealth Partners, an investor in NeuWave. Terms of the deal were not disclosed. NeuWave, based in Madison, Wisconsin, had previously raised $44.5 million over four rounds, CrunchBase reported. Most recently, NeuWave pulled in a $25 million Series C round in May 2015 led by Versant Ventures with participation from HIG, the State of Wisconsin Investment Board, and Venture Investors.
H.I.G. BioHealth Partners Completes Successful Sale of NeuWave Medical, Inc. to Ethicon, a Johnson and Johnson Company
April 19, 2016 06:00 AM Eastern Daylight Time
MIAMI–(BUSINESS WIRE)–H.I.G. BioHealth Partners (“H.I.G.”), the dedicated healthcare investment affiliate of H.I.G. Capital, a leading global private equity investment firm with $19 billion of equity capital under management,* recently announced the sale of NeuWave Medical, Inc. (“NeuWave”) to Ethicon, a medical device company of the Johnson & Johnson family of companies.
NeuWave is a privately held medical device company that manufactures and markets minimally invasive soft tissue microwave ablation systems. Their products are currently used by physicians in leading cancer centers throughout North America. Financial terms of the transaction were not disclosed.
Michael Wasserman, Ph.D., an H.I.G. Managing Director and NeuWave board member, said, “Together with NeuWave’s talented management team, we successfully grew the company into a market leader in interventional oncology, developing and commercializing a suite of innovative products with significant benefits to patients, physicians and healthcare providers.
Dr. Wasserman added, “Our investment in NeuWave was highly representative of H.I.G.’s medical device investment strategy and continues to demonstrate our ability to generate outstanding financial returns for our investors.”
NeuWave Medical, headquartered in Madison, WI, develops and commercializes innovative, energy-based, soft tissue ablation devices for interventional oncology, surgery and other clinical markets. The company is currently commercializing their market-leading Certus 140™ ablation system and continuing the pioneering development of novel interventional and surgical tools. For more information visit: http://www.neuwavemedical.com/.
About H.I.G. BioHealth Partners
H.I.G. BioHealth Partners is the dedicated life-science investment affiliate of H.I.G. Capital. H.I.G. BioHealth Partners invests in a broad range of healthcare opportunities across sectors and stages, principally in companies developing therapeutic drugs, medical devices, and diagnostics for significant unmet medical needs. With approximately $400 million in committed capital, H.I.G. BioHealth Partners invests $5 million to $40 million per company over the life of an investment. For more information, please refer to the H.I.G. BioHealth Partners website at www.higbio.com.
* Based on total capital commitments to funds managed by H.I.G. Capital and its affiliates.
H.I.G. BioHealth Partners
Michael Wasserman, 305-379-2322