Shanghai, China – On July 3, 2020, MicroPort Scientific Corporation ("MicroPort®") announced that MicroPort Cardiac Rhythm Management Limited ("MicroPort® CRM"), - MicroPort's subsidiary focused on developing and commercializing implantable pacemaker and defibrillator devices and related technologies to manage cardiac rhythm disorders - has entered into definitive agreements in connection with its Series B financing with total investment proceeds of US$105 million. GL Ventures, the venture capital arm of Hillhouse Capital Group, will lead the Series B investment and will invest US$50 million. Current MicroPort® CRM investor Yunfeng Capital will also participate with an additional investment of US$25 million. MicroPort® will also invest USD$30 million through its wholly-owned subsidiary MicroPort International Corp. Limited ("MicroPort® International"). Once the transaction is complete, MicroPort® International will continue to be the majority shareholder of MicroPort® CRM. The financing is expected to close by end of July 2020, subject to customary closing conditions.
Originally acquired in April 2018, MicroPort® CRM designs, develops, and markets solutions for the management of heart rhythm disorders, such as implantable pacemakers and defibrillators, as well as heart failure technologies with cardiac resynchronization therapy (CRT), worldwide. MicroPort® CRM is headquartered in Clamart, France, (situated approximately 9km southwest of Paris, and has dedicated R&D teams (co-located in Clamart and in Shanghai), and as well as world-class manufacturing facilities in France, Italy, the Dominican Republic and China. MicroPort® CRM employs approximately 950 employees globally.
For decades, MicroPort® CRM has been at the forefront of innovation in the CRM industry and more than one million patients worldwide have benefited from its pacemakers and defibrillators. The company is renowned for its cutting-edge technology and its highly advanced therapeutic solutions.
In 2015, MicroPort® CRM launched the PLATINIUM™family of implantable defibrillators, which has the longest service life of any implantable defibrillator on the market, and has been shown to reduce the risks associated with the need for frequent replacements. In 2019, the company launched ENO™, TEO™ and OTO™, the world's smallest family of pacemakers, 1.5T and 3T MRI conditional. In cardiac resynchronization therapy (CRT), the company innovated with the SonR™ sensor, the world's only contractility sensor for automatic optimization of cardiac resynchronization, which, in the landmark RESPOND-CRT trial, revealed that SonR™ is associated with a 35% reduction in the risk of hospitalization for heart failure[1]. MicroPort® CRM continues to innovate in CRT by developing AXONE™, an ultra-thin 1.2 F (0.4 mm) left ventricular lead, which will enable MicroPort® CRM to lead the industry in expanding CRT therapy options for healthcare professionals and their patients.
MicroPort® CRM will soon launch a new family of pacemakers, ALIZEA™and BOREA™, featuring Bluetooth® technology and wireless remote monitoring, and plans to launch a complete new line of defibrillator systems in 2021, including devices and leads, 1.5T and 3T MRI conditional. The introduction of these products to the market will provide additional growth opportunities for the CRM franchise.
Mr. Benoit Clinchamps, President of MicroPort® CRM said: “MicroPort® CRM is thrilled to welcome this new investment because it demonstrates the trust that our investors place in our CRM business, and confirms the attractiveness of our technologies and competencies for new investors. These funds will enable us to accelerate our planned development of world class CRM devices and will help ensure the continued funding of our expansion plans and ambitions.”
Mr. Jonathan Chen, Chief International Business Officer of MicroPort® and Chairman of InterContinental CRM Committee said: “The capital injection of external investors in MicroPort® CRM combined with other achievements since the acquisition of the CRM business. Such as progressively expanding our product portfolio with key approvals, transitioning to a direct sales model in Japan market, and developing break-through technologies by leveraging our cross-border R&D teams, have laid a solid foundation from which to build a formidable global CRM company. We welcome our new partner Hillhouse Capital and also express gratitude to our existing partner Yunfeng Capital to continue on our journey of building MicroPort® CRM into the fastest growing CRM business in the world.”
References
【1】Brugada J, Delnoy PP, Brachmann J, et al. Contractility Sensor-Guided Optimization of Cardiac Resynchronization Therapy: Results From the RESPOND-CRT Trial. Eur Heart J. 2017 Mar 7;38(10):730-738.doi: 10.1093/eurheartj/ehw526.