HighCape to sell Cheetah Medical to Baxter International

Baxter International has agreed to acquire Cheetah Medical from HighCape Capital LP for $190 million cash upfront. Cheetah Medical is a provider of non-invasive fluid management monitoring technologies.


New York, NY, SEPTEMBER 10, 2019 – HighCape Capital LP, a growth equity fund that invests in commercial stage life sciences companies, announced today that Baxter International, Inc. (NYSE:BAX) has agreed to acquire portfolio company Cheetah Medical for $190 million up front cash consideration, with potential for an additional $40 million based on clinical and commercial milestones.

Cheetah Medical is a leading global provider of 100 percent non-invasive fluid management monitoring technologies, designed for use in critical care, operating room and emergency department settings. The company’s fluid management systems are currently used in more than 400 hospitals throughout the U.S. and in 30 countries worldwide.

Cheetah Medical was HighCape’s first investment in 2014. Since that date, the HighCape team has been actively involved in the various stages of funding and growth, culminating in today’s announced transaction.

“We are thrilled to announce the sale of our first HighCape investment from our initial fund,” said Kevin Rakin, HighCape Partner & Cheetah Chairman. “Since founding HighCape we have focused on funding high growth life sciences companies to the point of multiple exit options. This transaction clearly demonstrates the viability of our investment thesis.”

About HighCape
HighCape Capital is a growth equity fund that invests in commercial-stage life sciences companies. We apply decades of combined investment and operational experience to transform our portfolio companies into sustainable businesses with multiple exit alternatives. For more information, visit www.HighCape.com