TransMedics Group acquires Bridge to Life Ltd. / Tevosol, Inc. (lung and heart perfusion technology assets)

TransMedics Group acquired Bridge to Life Ltd. / Tevosol, Inc. (lung and heart perfusion technology assets) for $27.2 million in-process research and development (IPR&D) asset value, expensed as R&D; accounted for as an asset acquisition, a transaction completed in August 2023, structured as All-cash. The deal was a Asset purchase.

Bridge to Life Ltd. / Tevosol, Inc. (lung and heart perfusion technology assets) operates in Organ perfusion technology / R&D. On August 2, 2023, TransMedics acquired certain assets related to lung and heart perfusion technology from Bridge to Life Ltd. and its subsidiary Tevosol, Inc. (together BTL). The purchase was accounted for as an asset acquisition because substantially all of the fair value of the gross assets acquired was concentrated in a single set of identifiable activities consisting of the lung and heart perfusion technology, treated as an in-process research and development (IPR&D) asset. Given the early stage of development, the $27.2 million IPR&D value was expensed as research and development expense.

The Company intends to further develop these technologies to expand its product offerings and indications for organ transplantation.

Added next-generation lung and heart perfusion IPR&D that could feed future generations of the OCS platform and expand transplant indications. Potential integration of the acquired perfusion technology into future OCS product generations to increase the utilization of donor organs. Folded into TransMedics R&D (developed as IPR&D toward future OCS product offerings) TransMedics FY23 10-K, Item 1A Risk Factors: "Further development of the assets we acquired from Bridge to Life, or the Bridge to Life Assets, will require extensive clinical development, management of nonclinical, clinical and manufacturing activities."

Advisory firms were not disclosed for this transaction.