Japanese partner acquires Sensimed

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13.12.2019
Sensimed Triggerfish

Sensimed, specialized in contact lens sensing technology targeted at glaucoma, has been acquired by SEED. Previously, the company had tried in vain to conduct a financing round.

Sensimed, a MedTech company established in Lausanne after its spin-off from EPFL in 2003, today announced the closure of a transaction whereby the Japanese public company SEED CO., LTD has acquired a majority stake in Sensimed. The transaction officially closed on Friday 29th November with SEED now owning over 90% of outstanding shares.

According to a press release by former investor New ValueSensimed previously experienced serious difficulties in obtaining the necessary financing for continuing the business. At Sensimed's Extraordinary General Meeting of 29 October 2019 the resolution for a capital increase did not achieve the necessary quorum. In order to avoid bankruptcy, the Board of Directors of Sensimed SA decided to start the sales process. Terms of the deal were not disclosed.

Sensimed and SEED have a successful collaborative history. In August 2013 SEED CO., LTD became a commercial partner in Japan and invested in Sensimed by way of a loan. They worked closely together to obtain PMDA (Pharmaceuticals and Medical Devices Agency, Japan) approval for SENSIMED Triggerfish in September 2018. In November of the same year the two companies signed a memorandum of understanding concerning further collaboration. In August of this year SEEDs loan was converted to preferred shares and SEED became a 12.55% shareholder in Sensimed.

Commenting on the transaction David Bailey, CEO of Sensimed stated; “This transaction secures the Sensimed Contact Lens sensing technology going forward and ensures it will continue to play an important role in the clinical assessment and management of glaucoma patient”. He went on to say “SEED recognized the value of the Sensimed technology by partnering with us in Japan and by investing in the Company at an early stage in my tenure as CEO. I am personally delighted with this outcome for all parties and am confident SEED will continue to develop the platform technology in order to build on their current success in selling Sensimed Triggerfish in the Japanese market. As a subsidiary company, Sensimed will benefit from the full resources of SEED in order to achieve the combined goals for the technology. This transaction comes at a very opportune moment for both Companies”.

(Press release / SK)

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