Pinned straw:
One of the most recent acquisitions in the TAVR space was Edwards acquiring JenaValve in July 2024 for about $950 million USD:
The attraction for the TAVR market leader in Aortic Stenosis (AS) was clinical data showing JenaValve superiority in cases of Aortic Regurgitation (AR). There is substantial difference in the TAM for both conditions — 10 billion USD vs 1-3 billion USD.
I’d expect DuAVR’s suitability for AS to be reflected in any offers — ie the offers being higher by a factor of 3-5 x. Also, early indications are that DurAVR will be superior with respect to AR anyway.
Boston Scientific (BSX) has confirmed with announcement after SEC filing that it has given up on ACURATE:
That leaves them with zero TAVR product and too long a R&D runway to develop their own from scratch. Anteris is now a very obvious partnership or M&A target. Due diligence is also a much smaller task for them (already in the space) than say another company like Johnson & Johnson.
Actually, this may not be quick at all — or there would have to be a clause about ‘pending finance’. For a $155 billion USD company Boston Scientific are surprisingly low on cash. They can take their time to reload the elephant gun as far as I’m concerned but. I’ve 6 months left to countdown following the CGT event of the NASDAQ IPO in Dec 2024. Will consider all serious offers after that.
Anteris has presented data at the EuroPCR conference in Paris:
Another metric is ‘Paravalvular leak’ (lower the better of course). The first diagram below (on right side) is the Anteris data for 1 year with the first 37 patients. The screenshot after that is the Lancet article for the ACURATe Neo 2. The lower numbers are the control (Sapien & Evolution), still higher than Anteris.
