clients
Chestnut Medical Technologies (Menlo Park, CA) developed an innovative therapy for minimally invasive treatment of intracranial aneurysms that provides superior outcomes for patients. We advised Chestnut’s board, evaluated interest from several potential partners and negotiated a successful sale to ev3 (Minneapolis, MN). ev3 acquired Chestnut for $150 million in cash and stock, half of which was paid at closing and the remainder of which was paid on FDA approval, received in April, 2011.
“Chestnut was a true start-up, used to working fast and results-oriented. We needed a firm who could optimize the process of realizing our value. We found an ideal partner in Asante who worked tirelessly with expertise, laser-sharp focus and passion that resulted in a wonderful transaction, completed on schedule. They were great partners, and they increased the value of our company. I am grateful I had the opportunity to work with Jennifer and James, and look forward to doing so again.”
– Aaron L. Berez, M.D., Founder and Chief Executive Officer
“Asante’s unparallelled tenacity in keeping the timetable and negotiations on track was paramount to the success of our sale.”
– Quang Tran, Founder and Chief Operating Officer
We advised CryoCath Technologies (Montreal, Quebec) in merger discussions with large-cap medical device companies. CryoCath is the leading provider of cryotherapy products to treat cardiac arrhythmias, utilized in more than 500 centers around the world. Medtronic (Minneapolis, MN) prevailed, offering C$425mm enterprise value in an all-cash takeover bid. Medtronic’s offer represented a 101% premium to CryoCath’s share price prior to announcement and 10.5x current year revenue.
“Asante was instrumental in achieving a fabulous outcome in the sale of our company CryoCath. I was impressed by their intelligent and well thought through approach, strong negotiating skills and excellent and transparent communication ability. They were able to gain and maintain the trust of all parties involved. Through a unique combination of seasoned experience and relentless energy, they drove the team toward this excellent result. I would recommend Asante to anyone in similar situations and would choose them again.”
– Jan Keltjens, Chief Executive Officer
We advised Freedom Innovations and its manufacturing affiliate ACT Medical (Irvine, CA and Gunnison, UT) in connection with a leveraged recapitalization led by Telegraph Hill Partners (San Francisco, CA) and Tailwind Capital (New York, NY) through which they acquired a 73% stake in the combined company. CIT (New York, NY) provided the debt financing. Freedom is the leading U.S. high technology provider of premium prosthetic devices. With fourteen product lines sold in 39 countries, the Company’s branded carbon fiber foot products and microprocessor-controlled SMART technology products lead the industry in reputation and growth rate.
“It was a great pleasure to work with Jennifer Halsey and the Asante team as they tirelessly prepared our companies and management team to obtain the highest quality evaluation and sale price. The Asante team is knowledgeable, professional, dedicated and high energy. When we first met with Asante, they communicated the range they believed they could achieve for our business. They subsequently delivered multiple offers above that range. I was extremely pleased with the work Asante did for us and highly recommend them.“
– Roland Christensen, Ph.D., Founder and former Chief Executive Officer
Everest Biomedical Instruments (Chesterfield, MO) has developed a new generation of level of consciousness (“LOC”) anesthesia monitors based on electrical patterns of the brain. The Company’s SNAPII LOC monitor generates a proprietary LOC index derived from both high frequency and low frequency electroencephalography signals. The SNAPII™ Index has received FDA clearance and shows significant improvements over competitive technologies in the LOC monitoring market. We advised Everest in connection with its sale to Stryker (Kalamazoo, MI).
“We hired Asante Partners because we wanted a boutique firm that would focus on our project as a priority and who understood the medical business. The Asante team took the time to analyze our company in depth and remained committed to us throughout a lengthy process. Ultimately, their help was critical to our ability to deliver a transaction that provided the optimal outcome for our shareholders.”
– Elvir Causevic, Founder and President
“The Asante Partners team provided thoughtful advice and was attentive to our needs. They fully justified the confidence of the Everest Board in their firm and its ability to identify likely buyers and obtain the best price for the business. Asante worked with us throughout in a refreshing spirit of partnership and collaboration.”
– Phil Himelstein, Chairman
NanoGram Devices Corp. (Fremont, CA) develops nano-enhanced batteries for implantable medical devices that are smaller, last longer and perform better than the batteries that were previously used in cardiac rhythm devices. NDC contacted us after they had been approached by Wilson Greatbatch Technologies (Clarence, NY) regarding a potential acquisition. We advised NDC and its Board on valuation, explored the company’s strategic alternatives and ultimately negotiated an acquisition by Wilson Greatbatch for $45 million in cash, a substantial premium over their initial offer.
“I hired Asante to support us in the sale process. They gave us wise counsel, provided strong analytical support to the process and brought in several potential buyers. This was an important transaction for NanoGram Devices, and I am pleased that Asante was involved.”
– Barry Cheskin, President and Chief Executive Officer
Epic Therapeutics (Norwood, MA) developed a proprietary, next-generation, protein matrix drug delivery technology with particular benefits in the injectable and pulmonary delivery of large molecule drugs. We assisted Epic in the negotiation of a three-product collaboration agreement with SICOR Inc. (Irvine, CA) and in the sale of the minority equity interest to Baxter (Deerfield, IL) in connection with a strategic collaboration. Ultimately, we advised Epic on its sale to Baxter at a substantial premium to its prior valuation.
“I have had the opportunity to work with the Asante team for many years now on very different assignments, and on multiple transactions with both public and private life science companies. Their hands-on approach, focus and commitment to the client is without question, and in my opinion, a refreshing standard in a field that is often lacking in efforts to build and sustain quality long-term relationships. And that’s quite important to me.”
– George W. Dunbar, Jr., Chief Executive Officer
We served as exclusive financial advisor to Tamtron Corporation (San Jose, CA) and Medical Registry Services (Hackensack, NJ) in connection with their acquisition by IMPAC Medical Systems (Mountain View, CA), now owned by Elekta (Stockholm, Sweden). Tamtron’s flagship product, PowerPath™, is a powerful, scalable technology system designed specifically for customers providing anatomic pathology services to streamline operations and support multi-site and multi-entity healthcare networks. Medical Registry Services is the nation’s leading provider of software and support services for cancer registries.
“When we were approached for acquisition, we knew it would be important to have a banking team to support us who could enthusiastically commit to a transaction our size and convey our company’s abilities. The team at Asante exceeded our expectations. They were professional, detailed and positive throughout the experience. They were integral to our success.”
– Steve Tablak, Chief Executive Officer, Tamtron
“Asante Partners executed an efficient and effective transaction that satisfied the interests of our core constituencies: creditors, shareholders, management and employees. Asante Partners’ focused expertise in healthcare, along with their conscientious work ethic, was commendable. They fulfilled our expectation in all regards.”
– Carter H. Eckert, Chairman and CEO, Tamtron’s parent company IMPATH
Varian Medical Systems (Palo Alto, CA) is the world’s leading manufacturer of integrated cancer therapy systems, with over $2 billion in annual revenue and dominant worldwide market share. Over the past decade, we sold a treatment planning system to Varian, represented Varian in negotiating its largest potential acquisition, reviewed strategic partnerships and acquisitions on an ongoing basis and advised on its successful acquisition of Zmed (Holliston, MA), a privately-held supplier of radiation oncology software and accessories for ultrasound-based, image-guided radiotherapy (IGRT), stereotactic radiation treatments and image management.
“Asante regularly presents us with promising business opportunities and then follows through with the support needed to evaluate them properly. I am extremely pleased with the work they have done on our behalf over the years.”
– Richard M. Levy, Ph.D., Chairman and former Chief Executive Officer
