Wallaby Medical’s €500 Million Acquisition of Phenox

YPOG, Held Jaguttis, King & Spalding, KNPZ , Pusch Wahlig and Wilson Sonsini Goodrich & Rosati advised Wallaby Medical on the deal. Skadden, Arps, Slate, Meagher & Flom advised Phenox.

The global medical technology company Wallaby Medical on the acquisition of German-based neurovascular market leader phenox GmbH as well as its sister company femtos GmbH.

The transaction was completed for a consideration of approximately €500 million, including milestone payments. Wallaby Medical funded the acquisition of phenox from the proceeds of its Series D financing round supported by leading healthcare investors.

Since 2019, Wallaby Medical and phenox have been strategic partners. phenox exclusively distributes Wallaby’s Avenir® Coil System in the US and Europe, as well as Wallaby’s Esperance™ aspiration catheters in the US market. Now completed, the acquisition marks one of the largest cross-border transactions in the medical technology industry and is driven by strong growth opportunities in terms of product portfolio as well as geographic coverage. Prospectively, the company will become a global leader, providing a wide range of neurovascular technologies and solutions for customers and patients around the world, covering the US, China, Europe, Japan and other international markets.

Wallaby Medical is a global innovative medical technology company focused on developing and commercializing neurovascular interventional products for treating stroke. Wallaby ‘s product portfolio includes the Avenir® Coil System, a technically differentiated neuro embolic coil system for treating intracranial aneurysms and other neurovascular abnormalities, the Esperance™ Aspiration Catheter, cleared in the U.S. and China for ischemic stroke treatment procedures, and the Esperance™ Distal Access Catheter, which was approved for delivery assistance in China. In addition, Wallaby has a full range of neurovascular products under development.

After the successful closing, Michael Alper, CEO of Wallaby, will now become CEO of the combined organization. Prof. Dr.-Ing. Hermann Monstadt, founder of phenox, will take over the role of Managing Director of phenox. All existing phenox product brands will be maintained.

The YPOG team included Dr. Tim Schlösser (Picture – Lead, Corporate/Transactions), Partner; Dr. Malte Bergmann (Tax/Transactions), Partner; Dr. Stephan Bank (Corporate/Transactions), Partner; Dr. Jörn Wöbke (Corporate/Transactions), Partner; Dr. Johannes Janning (Corporate/Transactions), Associated Partner; Dr. Benedikt Flöter (IP/IT), Associated Partner; Matthias Kresser (Corporate/Transactions), Associated Partner; Ann-Kristin Lochmann (Tax/Transactions), Associated Partner; Barbara Hasse (Corporate/Transactions), Associate; Christiane Schnitzler (Transactions), Associate.

The Held Jaguttis team included Dr. Malte Jaguttis, Dr. Simeon Held and Associate Bernard Altpeter.

The King & Spalding team included Jessica Ringel, Nikki Reeves, Elisabeth Kohoutek.

The KNPZ team included Dr. Kai-Uwe Plath and Associates: Dr. Enno ter Hazeborg, Jan Schäfer.

The Pusch Wahlig team included Dr. Marius Fritzsche and Associate Dr. Luca Rawe.

The Wilson Sonsini team included Weiheng Chen, Xuchao Dong, Chun Teng, and Yiwen Feng.

Involved fees earner: Bernard Altpeter – Held Jaguttis; Simeon Held – Held Jaguttis; Malte Jaguttis – Held Jaguttis; Elisabeth Kohoutek – King & Spalding; Nikki Reeves – King & Spalding; Jessica Ringel – King & Spalding; Enno ter Hazeborg – KNPZ Rechtsanwälte – Klawitter Neben Plath Zintler; Kai-Uwe Plath – KNPZ Rechtsanwälte – Klawitter Neben Plath Zintler; Jan Schäfer – KNPZ Rechtsanwälte – Klawitter Neben Plath Zintler; Marius Fritzsche – Pusch Wahlig Workplace Law; Luca Rawe – Pusch Wahlig Workplace Law; Jan Bauer – Skadden; Johannes Frey – Skadden; Lukas Greilich – Skadden; Jörg Hanke – Skadden; Stephan Hutter – Skadden; Frank Schwarz – Skadden; Damien Simonot – Skadden; Jermaine Washington – Skadden; Weiheng Chen – Wilson Sonsini Goodrich & Rosati; Xuchao Dong – Wilson Sonsini Goodrich & Rosati; Yiwen Feng – Wilson Sonsini Goodrich & Rosati; Chun Teng – Wilson Sonsini Goodrich & Rosati; Stephan Bank – YPOG; Malte Bergmann – YPOG; Benedikt Flöter – YPOG; Barbara Hasse – YPOG; Johannes Janning – YPOG; Matthias Kresser – YPOG; Ann-Kristin Lochmann – YPOG; Tim Schlösser – YPOG; Christiane Schnitzler – YPOG; Jörn Wöbke – YPOG;

Law Firms: Held Jaguttis; King & Spalding; KNPZ Rechtsanwälte – Klawitter Neben Plath Zintler; Pusch Wahlig Workplace Law; Skadden; Wilson Sonsini Goodrich & Rosati; YPOG;

Clients: phenox GmbH; Wallaby Medical;

Federica Tiefenthaler

Author: Federica Tiefenthaler