Inogen to pay $32M for Physio-Assist SAS

GOLETA, Calif. - Inogen has entered into a definitive agreement to acquire Physio-Assist SAS, a privately held company based in France that makes a technology-enabled airway clearance device called Simeox, for $32 million. 

Simeox has been cleared under CE mark in the EU and is currently being sold in Europe, Asia and the Middle East. 

“This acquisition aligns with our strategy to diversify our portfolio to globally improve patient lives through respiratory care,” said Nabil Shabshab, president and CEO of Inogen. “Simeox imminently expands our product offering in EMEA, and potentially in the U.S. to serve COPD and other chronic disease patients who suffer from bronchiectasis with an innovative, non-invasive and next generation airway clearance solution. We believe this is a compelling transaction, as it expands our addressable market opportunity, enhances our long-term growth and profitability, and is expected to generate an attractive return on investment.” 

Inogen will pay approximately $32 million in cash net of debt payable at closing, plus potential future cash performance-based milestone payments based on achievement of goals related to the clearance of the device by the U.S. Food and Drug Administration. The total consideration, if all milestones are achieved, is up to $45 million. The amount of the performance-based milestones may also be adjusted net of related development costs. 

The deal will leverage Inogen’s commercial infrastructure and capabilities, as well as potentially provide access to a large growing bronchiectasis market opportunity, with 400,000 to 490,000 patients in the U.S., upon regulatory clearance. 

“I am very excited about Physio-Assist becoming a part of the Inogen organization and view this as a significant milestone in the journey to scale the Simeox differentiated product offerings globally in service of bronchiectasis and cystic fibrosis patients with unmet needs,” said Adrien Mithalal, CEO of Physio-Assist.