harles Russell Speechlys has advised the University College London Hospitals Charities on the sale of Inventive Medical limited (IML), a UK company which is the global supplier of cardio ultrasound simulation products under the HeartWorks brand, to AIM-listed MedaPhor Group plc, the global provider of advanced ultrasound skills training simulators for medical professionals.
Leading cardiac anaesthesiologists at University College London Hospital developed IML’s HeartWorks simulators and online training materials. These are recognised as one of the most true-to-life and comprehensive simulation tools for Transthoracic and Transoesophageal echocardiography training.
The University College London Hospitals Charities and certain option holders entered into a sale and purchase agreement on 2 August 2016 with MedaPhor to sell IML and the benefit of certain shareholder loans owed by IML. The consideration will be satisfied by the issue of new Ordinary Shares in MedaPhor, representing 20% of its enlarged share capital.
Ian Whittaker, CEO of IML said, “It is tremendously exciting that Inventive Medical will now be part of the MedaPhor Group and without doubt, great news for customers. Together, we look forward to sharing our expertise in simulation practice and continuing to drive innovation in ultrasound education for the benefit of clinicians needing to develop competence in such skills and ultimately the patients they will serve.”
Philip Brading, from University College London Hospitals Charities, said “We are delighted to be selling IML to MedaPhor when the potential synergies between the two businesses are so great. We are therefore pleased to continue to retain an interest in its success through our shareholding in the merged business and are thankful to Charles Russell Speechlys for how excellently they executed the transaction for us.”
Hamish Perry, lead partner at Charles Russell Speechlys, said “We are pleased to have been involved in this exciting merger. It is great to see another successful business being born out of this leading University and we are pleased to be a part of its growth journey.”
The team at Charles Russell Speechlys was led by Corporate Partner, Hamish Perry, who was assisted by Tom Smitham, Fiona Walsh, Laura Melody and Helen Hutchinson (Corporate) and Jennifer Pierce and Caroline Young (Intellectual Property).
