Shockwave Medical (SWAV) Announces Joint Venture in China
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Shockwave Medical, Inc. (NASDAQ: SWAV), a pioneer in the development of Intravascular Lithotripsy (IVL) to treat severely calcified cardiovascular disease, announced today that the company has signed an agreement to form a joint venture with Genesis MedTech Group. Together, Shockwave and Genesis strive to bring coronary and peripheral IVL products to patients in mainland China.
The joint venture will benefit from Genesis MedTech’s strong track record and expertise in the commercialization of medical devices as well as their industry-leading sales network in China. Genesis MedTech's China capabilities are complementary to Shockwave's global expertise in the development, manufacture, and sale of IVL products.
"Shockwave is a pioneer in their field and our partnership will be of long-term strategic significance not only for Genesis MedTech, but also for the medical community in China," said Warren Wang, Chairman and Chief Executive Officer of Genesis MedTech International. "We share Shockwave’s passion for developing technologies to serve unmet medical needs and are confident that together we can help many patients in China who suffer from calcified arterial disease."
“This joint venture represents another step in the continuation of our strategy to ensure that patients around the world have access to IVL and to do so with a strong, local presence. We are pleased to have a partner with such a solid, established track record in developing and commercializing innovative technologies in China,” said Doug Godshall, President and Chief Executive Officer of Shockwave Medical, “We look forward to joining forces with Warren and his team as we work together to bring IVL to the large and growing Chinese interventional market."
The new joint venture will be named Genesis Shockwave Private Limited and enables the commercialization of both imported Shockwave-branded IVL products as well as IVL products that are locally developed, manufactured, and branded by Genesis Shockwave Private Limited. The creation of the joint venture is subject to the satisfaction of certain closing conditions.
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