AFR article - Anteris faithful keen to test bigwigs Edwards, Medtronic

Anteris faithful keen to test bigwigs Edwards, Medtronic

Feb 13, 2022 – 9.31pm

Street Talk. Jim Rice

Tearaway heart valve play Anteris Technologies could make history as the first ASX-listed group to be snapped up by an American special purpose acquisition vehicle, but some of its backers seem keener to wait around in case some big strategic buyers show up.

Anteris has had a huge two months, thanks to early in-human testing around its DurAVR aortic heart valve replacement which produced some promising results.

The tests have seen Anteris’ shares more than double, to take its market value to $220 million, and helped attract Nasdaq-listed special purpose acquisition vehicle Medicus Sciences Acquisition Corp.

Anteris has said it is considering the non-binding approach. It has US-based bankers on the scene.

The way some of the backers see it, Anteris’ bankers should know who to call to see whether there would be any competing buyer interest.

There are two big players in transcatheter aortic valve replacements (TAVR); Edwards Lifesciences Corp, which has a $US68 billion market value, and Medtronic, also US listed and worth $US138 billion. Both companies acquired their respective TAVR technologies pre-FDA approval.

While Anteris’ story has largely flown under the radar, there are a handful of well-known Australian capital markets players watching closely. Anteris’ investors include Aussie fund L1 Capital, which bought in at $8 a share in October, and Regal Funds. Stockbroker Evolution Capital also has shares and options, having helped the company raise capital.

It remains to be seen whether Anteris can draw out other acquirers, let along whether it can shore up its technology. Its valve treats aortic stenosis, and last month it released 30-day human trial results from five patients.