US cardiac care firm ZOLL has announced that it has successfully won its bid to acquire Vyaire Medical’s ventilator business as part of Vyaire’s Chapter 11 bankruptcy proceedings.
The sale is still subject to court approval but the company said it is expecting the deal to be closed in the coming weeks. Owned by Japanese chemical conglomerate, Asahi Kasei, ZOLL has not disclosed the value of its winning bid but now intends to add Vyaire’s troubled line of Bellavista 1000 ventilators and others to its portfolio.
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Jon Rennert, CEO of ZOLL, said: “Respiratory care has been central to ZOLL’s business strategy for many years. If the acquisition is successfully completed, adding Vyaire’s ventilators to ZOLL’s product portfolio will enhance our ability to serve a broader range of clinicians and patients.”
On June 10, 2024, Vyaire Medical announced that it would be filing for Chapter 11 bankruptcy proceedings in order to obtain sufficient financing to continue business operations while the company sought to market its business units for a “value-maximising” sale.
Speaking following the bankruptcy announcement, John Bibb, group chief executive officer, Vyaire, said: “Chapter 11 protection will offer us the breathing room we need to explore selling our businesses to capable, well-financed buyers that have the financial ability and stability to execute on the Respiratory Diagnostics (RDx) and Ventilation business strategies delivering our vital products to customers and patients in need.”
The bankruptcy announcement followed after the company saw the US Food and Drug Administration (FDA) tag a recall of its AirLife manual resuscitator devices tagged as Class 1, the most serious type of recall, meaning continued device use could result in serious injury or death. The recall covered more than six and a half million devices and incluwded nine products from Vyaire’s AirLife range.
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