Rockwell Medical Sets $125 Million Base Price for Hemodialysis Deal

Rockwell Medical signed a Nov. 3 agreement to purchase most of Vantive’s hemodialysis assets and related operations for a $125 million base price. The transaction would expand the U.S.-based company’s business beyond concentrates into equipment, water treatment systems and technical services.

The assets include hemodialysis concentrates, machines such as the AK-98, water treatment systems, related consumables and technical services. Ownership of Vantive’s manufacturing facility in Medolla, Italy, will also transfer to Rockwell. Vantive’s dialyzer portfolio, including its Theranova dialyzer, is excluded from the deal.

The base price is subject to customary adjustments. Vantive will provide $100 million in term debt through two loans, and Rockwell will issue Vantive a $25 million convertible note. Under the definitive documents, the note’s initial conversion price is twice Rockwell’s 15-day volume-weighted average share price. Vantive could receive up to $45 million in contingent payments if revenue and EBITDA milestones are met.

Rockwell projects annual sales of $400 million to $450 million for the combined operation. The estimate depends on factors including operating performance, foreign exchange rates, market conditions and successful integration.

Rockwell withdrew its 2026 guidance for net sales, gross margin, adjusted EBITDA and operating cash flow, citing projected transaction and financing expenses. Vantive described the divestiture as a way to sharpen its focus on home dialysis and critical care.

The transaction is expected to close in mid-2027, subject to regulatory approvals and other closing conditions.