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Forbes
03-07-2025
- Business
- Forbes
IP Due Diligence: The Make-Or-Break Factor In Modern M&A
Dr. Keegan Caldwell is the founder and global managing partner of Caldwell. As innovation cycles accelerate and technology convergence increases, intellectual property has become a powerful driver of major corporate acquisitions. For example, when Johnson & Johnson acquired Shockwave Medical for $13.1 billion in 2024, the deal's success hinged on extensive intellectual property due diligence spanning a portfolio of significant patents. Chief among them: Shockwave Medical's innovative intravascular lithotripsy technology—a strategic fit, as J&J has been seeking to expand its cardiovascular portfolio into high-growth segments. For companies engaging in mergers, acquisitions or strategic partnerships, understanding the intricacies of IP due diligence is essential for protecting value and avoiding costly oversights. A recent analysis of 40,000 M&A deals over the past 40 years revealed that between 70% and 75% failed due to inadequate pre-deal analysis and misaligned objectives. Add increased regulatory scrutiny, which has delayed many major global acquisitions, and patent litigation costs—estimations in the U.S. are around $3.5 million per patent litigated—and we reach a crucial reality: Thorough IP due diligence can determine not just the success of a transaction but your company's future market position. The Complexities Of IP Due Diligence Our modern business environment is interconnected, which means thorough due diligence requires a comprehensive analysis of ownership chains, licensing agreements and potential infringement risks across multiple jurisdictions. Without a detailed and multifaceted approach, companies risk failing to discover IP complications ranging from gaps in patent coverage to undisclosed third-party rights that could impact commercialization plans. All this complexity multiplies when dealing with software and digital innovations, where IP rights often overlap. Take artificial intelligence, which has impacted nearly every sector—aerospace and defense, the consumer industry, pharmaceuticals, finance and more. To put this in perspective, Bank of America recently announced that its patent portfolio now includes nearly 1,100 AI and machine learning patents and pending applications (half of which have been granted), marking a 94% increase in just two years. With technology like AI, a single product might incorporate hundreds of patents, copyrights and trade secrets, making thorough due diligence increasingly challenging but that much more essential. This rapid innovation cycle means companies must scrutinize not just existing IP rights but also pending applications and potential future claims that could affect product development and market access. The types of transactions requiring rigorous IP due diligence have also expanded beyond traditional M&A. Joint ventures, technology licensing agreements, and even routine supplier contracts now demand careful IP examination. For example, though Tesla opened its patent portfolio for "good faith" use by others, innovators seeking to implement Tesla's technology still need extensive due diligence to understand the implications and limitations of this open-source access. Impact On Valuations And Deal Dynamics Recent estimates demonstrate that the global value of intangible assets like IP rights has grown rapidly in recent years, exceeding $62 trillion to date. And importantly, intangible assets now comprise 90% of the value of companies in the S&P 500. Thus, the impact of IP due diligence findings on deal valuations can be dramatic. When Cisco acquired Splunk for $28 billion last year, a compelling reason for Cisco's interest was Splunk's sophisticated data analytics technology, capable of expanding and enhancing Cisco's existing security infrastructure. This strategic alignment of IP portfolios helps reposition Cisco to compete more effectively in the enterprise security market, particularly against Microsoft, its key competitor. As we've seen time and time again, these types of technological synergies, discovered during thorough IP due diligence, often justify significant acquisition premiums. Equally as dramatic is potential derailment, and Foxconn's 2016 acquisition of Sharp comes to mind. This massive deal experienced months of turbulence following the discovery of previously undisclosed liabilities at Sharp. As a result, Foxconn—the world's top electronics contract manufacturer—slashed its acquisition offer by almost $900 million. Strategic Approaches To IP Due Diligence Given that the typical application remains pending for 36 months or more, overlooking IP issues can jeopardize years of R&D investment and market opportunities. That's why successful companies typically evaluate IP portfolios using a multi-factor framework that considers market coverage, enforceability and competitive positioning. Keep in mind that this analysis becomes particularly crucial in cross-border transactions, where IP rights and enforcement mechanisms vary significantly by jurisdiction. A strategic approach to IP due diligence starts with assembling the right team: legal counsel specializing in IP law, technical experts who understand the underlying innovations and financial analysts who can quantify findings. Essential components of effective IP due diligence include a thorough ownership analysis, assessment of IP validity and enforceability and evaluation of potential infringement risks. Overall, a robust due diligence checklist should cover: • Patent and trademark searches across relevant jurisdictions • Analysis of licensing agreements and technology transfer contracts • Review of IP-related litigation history • Assessment of trade secret protection measures • Examination of research and development documentation Companies should also verify that all inventors have properly assigned their rights and that all maintenance fees and renewals are current, as oversights in these areas can greatly and adversely affect technology transactions. Remember that the average IP due diligence process for major transactions takes several months, though this can vary depending on the technologies involved, availability of data and other external factors. Regardless, for optimal results, companies should begin IP due diligence early in the transaction process—ideally before signing letters of intent. Ultimately, this proactive positioning allows for a thorough investigation and can even provide leverage in negotiations. Value Through Strategic IP Due Diligence According to PWC, 60% of CEOs plan to make at least one acquisition in the next three years. This, along with technology acceleration and shortened innovation cycles, highlights the importance of thorough IP due diligence. And while we're seeing this across sectors, the stakes are particularly high in emerging fields like artificial intelligence, quantum computing and biotechnology, where IP assets often represent the majority of a company's value. Success in modern business transactions requires treating IP due diligence as a strategic imperative. Companies that approach IP due diligence systematically, engage specialized expertise early, and maintain robust documentation will be better positioned to navigate complex transactions and emerge successfully. 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Yahoo
20-05-2025
- Health
- Yahoo
Shockwave Medical Study Confirms Benefit of IVL-First Strategy in Real-World Female Patients with Complex Calcified Lesions in Late-Breaking Data Presentation at EuroPCR 2025
EMPOWER CAD, a global prospective, multi-center, real-world study, reaffirms favorable acute outcomes for coronary IVL in female patients, unlike other calcium modification tools PARIS, May 20, 2025 /PRNewswire/ -- Shockwave Medical, Inc., part of Johnson & Johnson MedTech and a global leader in the field of circulatory restoration, announced today the 30-day primary endpoint results of EMPOWER CAD, the first prospective, real-world percutaneous coronary intervention (PCI) study in female patients with complex, calcified coronary artery disease. The favorable results confirm the results of earlier retrospective analyses demonstrating the benefits of coronary intravascular lithotripsy (IVL) in female patients. The results were presented in a late-breaking presentation at the annual EuroPCR meeting in Paris. Women with coronary artery calcification (CAC) undergoing PCI are often underrepresented in clinical trials and have historically poorer outcomes than men, including increased risk of adverse clinical outcomes and high rates of procedural complications with other calcium modification treatments, such as rotational or orbital atherectomy.1,2 Investigators designed the EMPOWER CAD study to evaluate real-world outcomes in female patients with severely calcified coronary lesions treated with an IVL-first treatment strategy and confirm positive results from previous studies showing similar safety and effectiveness outcomes across both men and women. EMPOWER CAD is a pivotal study comprised of a series of firsts: Shockwave's first prospective, post-market study of IVL examining an all-comers female population with minimal exclusion criteria, the first study to encourage a Shockwave IVL-first PCI strategy for calcified coronary lesions, and the first study to follow-up with enrolled patients for three years following IVL therapy. The study enrolled 399 participants across 45 sites spanning five countries in the European Union and United States. The study is led by co-principal investigators Margaret McEntegart, M.D., Ph.D., Director of the Complex PCI and CTO programs and Cardiac Catheterization Labs at Columbia University Medical Center/NewYork-Presbyterian Hospital and Alexandra Lansky, M.D., Professor of Medicine in the section of Cardiovascular Medicine and Director, Heart and Vascular Clinical Research Program, Yale University School of Medicine. The study's European lead is Nieves Gonzalo, M.D., Ph.D., consultant interventional cardiologist at Hospital Clinico San Carlos in Madrid, Spain.† "Women are typically underdiagnosed, underrepresented and have underwhelming outcomes in coronary artery disease studies," said Dr. Lansky. "Our goal with the EMPOWER CAD study was to address this gap and determine whether Shockwave IVL should be considered as the front-line calcium modification approach in female patients with complex coronary artery disease. The results demonstrate the benefits of IVL use in this specific patient population and validate findings from previous studies." The primary effectiveness endpoint of procedural success, defined as stent delivery with ≤30% residual stenosis for all treated target lesions without in-hospital target lesion failure (TLF), was 86.9% at 30 days. The primary safety endpoint, defined as TLF as a composite of cardiac death, myocardial infarction attributable to target vessel (TV-MI) or ischemia-driven target lesion revascularization (ID-TLR) within 30 days, was 12.1%. TLF was primary driven by the rate of periprocedural MI3 (10.6%); the majority of these periprocedural MIs were not associated with any clinical signs or symptoms. Cardiac death and ID-TLR rates were each 1.3%. Procedural complications were rare with only one patient (0.2%) having a serious angiographic complication when assessed at the end of the procedure. There were also clinically and statistically significant improvements in health-related quality of life scores at 30 days compared to baselines. "By leveraging a Shockwave IVL-first approach, the EMPOWER CAD 30-day results demonstrated high procedural success, low complication rates and significant improvements in quality of life among real-world female patients," said Dr. McEntegart. "While we look forward to following these patients for the next three years, these primary endpoint results confirm that excellent outcomes can be achieved with the use of Shockwave IVL in women with complex, calcified coronary artery disease." Nick West., M.D., Chief Medical Officer, Shockwave Medical, emphasized the significance of the EMPOWER CAD study, stating, "Today marks a critical milestone in the journey to improve outcomes for female patients with calcified lesions. What began as an idea a few years ago is now a commendable reality today, thanks to study leadership and site investigators accelerating completion and reporting these important results. We're looking forward to learning more about the benefits of IVL therapy in this underrepresented patient population, both acutely and at extended follow-up." About Shockwave MedicalShockwave Medical, Inc., part of Johnson & Johnson MedTech, is a leader in the development and commercialization of innovative products that are transforming the treatment of cardiovascular disease. Its first-of-its-kind Intravascular Lithotripsy (IVL) technology has transformed the treatment of atherosclerotic cardiovascular disease by safely using sonic pressure waves to disrupt challenging calcified plaque, resulting in significantly improved patient outcomes. Its Reducer technology, which is under clinical investigation in the United States and is CE Marked in the European Union and the United Kingdom, is designed to provide relief to the millions of patients worldwide suffering from refractory angina by redistributing blood flow within the heart. Learn more at Cardiovascular Solutions from Johnson & Johnson MedTechAcross Johnson & Johnson, we are tackling the world's most complex and pervasive health challenges. Through a cardiovascular portfolio that provides healthcare professionals with advanced mapping and navigation, miniaturized tech, and precise ablation, we are addressing conditions with significant unmet needs such as heart failure, coronary artery disease, stroke, and atrial fibrillation. We are the global leaders in heart recovery, circulatory restoration and the treatment of heart rhythm disorders, as well as an emerging leader in neurovascular care, committed to taking on two of the leading causes of death worldwide in heart failure and stroke. About Johnson & JohnsonAt Johnson & Johnson, we believe health is everything. Our strength in healthcare innovation empowers us to build a world where complex diseases are prevented, treated, and cured, where treatments are smarter and less invasive, and solutions are personal. Through our expertise in Innovative Medicine and MedTech, we are uniquely positioned to innovate across the full spectrum of healthcare solutions today to deliver the breakthroughs of tomorrow and profoundly impact health for humanity. Learn more about our MedTech sector's global scale and deep expertise in cardiovascular, orthopaedics, surgery and vision solutions at Follow us at @JNJMedTech and on LinkedIn. Shockwave Medical, Inc. is part of Johnson & Johnson MedTech. Cautions Concerning Forward-Looking StatementsThis press release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Shockwave Medical, Inc. and/or Johnson & Johnson. Risks and uncertainties include, but are not limited to: uncertainty of commercial success; challenges to patents; competition, including technological advances, new products and patents attained by competitors; manufacturing difficulties and delays; product efficacy or safety concerns resulting in product recalls or regulatory action; changes to applicable laws and regulations, including global health care reforms; changes in behavior and spending patterns of purchasers of health care products and services; and trends toward healthcare cost containment. A further list and descriptions of these risks, uncertainties and other factors can be found in Johnson & Johnson's most recent Annual Report on Form 10-K, including in the sections captioned "Cautionary Note Regarding Forward-Looking Statements" and "Item 1A. Risk Factors," and in Johnson & Johnson's subsequent Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission. Copies of these filings are available online at or on request from Johnson & Johnson. Neither Shockwave Medical, Inc. nor Johnson & Johnson undertakes to update any forward-looking statement as a result of new information or future events or a result of new information or future events or developments. † Drs. McEntegart, Lansky and Gonzalo are paid consultants of Shockwave Medical. They have not been compensated in connection with this press release. 1 Giustino et al., JACC Cardiovasc Int 2016; Ford et al., Catheter Cardiovasc Interv 2020; Hussain et al., JSCAI 2022.2 Kim et al. Catheter Cardiovasc Interv. 20163 As defined by SCAI for periprocedural MI and Fourth Universal (Type 4a) for spontaneous MI beyond discharge. Media Contacts: Lindsey Diaz-MacInnisldiazmac@ Rachael Jarnaginrjarnagi@ Investor Contact:Sandra Easton Investor-relations@ View original content to download multimedia: SOURCE Johnson & Johnson MedTech
Tahawul Tech
14-03-2025
- Business
- Tahawul Tech
Extreme Networks announces Appointment of Anisha Vaswani as CICO
Extreme Networks, Inc., a leader in AI-powered automation for networking, recently announced it has appointed Anisha Vaswani as Chief Information and Customer Officer (CICO). Vaswani will report directly to Extreme President and CEO Ed Meyercord. As CICO, Vaswani will develop and implement the company's overall IT strategy, ensuring that technology investments support the company's business objectives and growth. Additionally, she'll focus on driving internal innovation and customer success for the company by acting as 'Extreme's Customer ONE,' testing and validating Extreme's products and solutions before rolling them out to customers to ensure they create a new industry standard for excellence. Vaswani will also oversee the company's customer success initiatives, proactively engaging with customers to complete successful technology migrations and deliver significant value add – prioritising long-term customer relationships, loyalty and retention. 'At Extreme, we believe technology and customer experience must be seamlessly integrated, which is why we created the CICO role. Anisha is the perfect candidate to ensure that every innovation enhances the customer journey. Her expertise in cloud adoption, cybersecurity and AI, combined with her track record of driving product adoption, maximising value and increasing customer lifetime value, will help Extreme continue its journey to becoming a leading SaaS company in our space', said Ed Meyercord, President and CEO of Extreme. Prior to Extreme, Vaswani served in several CIO roles at prominent companies such as IDG, Box, Toast, Inc., and Shockwave Medical. As Shockwave Medical, she helped the company scale operations and grow annual revenue to $1B. As CIO of Toast, she helped guide the company through the IPO process and played a role in growing the company from $1B in revenue to over $3B in annual revenue. She holds a B.S. in Management Information Systems from San Jose State University. Anisha Vaswani, CICO at Extreme, said, 'Extreme is at a pivotal moment, with innovations like Extreme Platform ONE set to redefine the future of networking. I'm excited to join a team of visionary thinkers and believe that through relentless innovation and an unwavering focus on our customers, we'll turn bold ideas into transformative success. Creating customer value is at the heart of everything we do'. Image Credit: Extreme Networks.
Yahoo
05-03-2025
- Health
- Yahoo
Shockwave Medical launches IVL catheter in US for peripheral artery disease
Johnson & Johnson MedTech's Shockwave Medical has launched its Javelin Peripheral IVL Catheter in the US for peripheral artery disease (PAD). This new intravascular lithotripsy (IVL) platform is engineered to modify calcium and navigate 'extremely' narrowed vessels in individuals with this disease. People with PAD are said to have an elevated heart attack or stroke risk. The catheter has a 150cm working length and a distal emitter that generates up to 120 shockwave pulses, each generating a spherical energy field that spreads beyond the catheter's tip. This forward IVL platform is tailored for crossing calcified occlusive conditions or narrowed lesions that allow wire passage but impede device movement, stated the company. Clinical findings from the FORWARD PAD investigational device exemption (IDE) trial showed that Shockwave Javelin has an effectiveness and safety profile comparable to existing balloon-based IVL catheters. Its addition to Shockwave's IVL portfolio, which includes Shockwave E8, L6, M5+, and S4 IVL catheters, claims to provide physicians with a full suite of tools for treating calcified lesions above and below the knee. The company's IVL technology is focused on treating atherosclerotic cardiovascular conditions by leveraging sonic pressure waves to 'disrupt' calcified plaque. Shockwave Medical chief medical officer Nick West said: 'By listening to and leveraging their valuable insights, we developed our transformational forward IVL platform with the unique capability to both modify calcium and cross extremely narrowed vessels. 'We are proud to be leading the charge in offering endovascular interventionalists more flexibility to address critical treatment needs and potentially reduce the risks associated with chronic limb-threatening ischemia for their patients.' In May 2024, Johnson & Johnson completed the acquisition of Shockwave Medical. "Shockwave Medical launches IVL catheter in US for peripheral artery disease" was originally created and published by Medical Device Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
