Interventional device developer ev3 and FoxHollow Technologies have completed a merger under which ev3 has acquired all outstanding shares of FoxHollow common stock. FoxHollow is now a wholly owned subsidiary of ev3, approved by FoxHollow stockholders at a special meeting held yesterday.
As a result of the merger, the firms’ combined product portfolio will include a spectrum of products to treat vascular disease in both the peripheral and neurovascular markets, including atherectomy and thrombectomy, PTA balloons, stents, embolic protection devices, infusion catheters/wires, embolic coils and liquid embolics.
The new ownership composition consists of approximately 41 percent from FoxHollow stockholders and 59 percent from ev3 stockholders, who had previously approved the issuance of shares in connection with the transaction by a written consent action. Trading in FoxHollow common stock is now discontinued.
John Simpson, MD, the founder and former chief executive officer of FoxHollow will serve as the vice chairman of the board and chief scientist of ev3. In addition, ev3 will add three other former directors of FoxHollow to the ev3 board: Jeffrey Child, Richard Kender and Myrtle Potter.