Core Viewpoint - HistoSonics is evaluating potential acquisition offers from strategic investors including Medtronic, GE Healthcare, and Johnson & Johnson, with a valuation exceeding $2.5 billion (approximately 18.17 billion RMB), which could become a significant platform acquisition in the interventional oncology space [2][3]. Group 1: Overview of Acquisition Rumors - Several companies are reportedly interested in acquiring HistoSonics, with Citigroup serving as the financial advisor for the transaction [3]. - HistoSonics had considered an IPO but has shifted focus to a sale due to macro market uncertainties [3]. Group 2: Valuation Logic - HistoSonics' technology, Histotripsy, is characterized by its unique non-thermal, non-ionizing, and non-invasive properties, resulting in minimal damage to healthy tissue while maintaining treatment precision [5]. - The clinical outcomes for liver cancer patients show a 12-month local tumor control rate of 90%, and the company has received FDA de novo approval [8]. - HistoSonics is advancing clinical trials for pancreatic cancer treatment, targeting patients who are not surgical candidates, indicating a clear expansion of indications [8][9]. Group 3: Potential Industry Impact of Acquisition - If acquired by Medtronic, it could enhance their minimally invasive tumor surgery portfolio by integrating ablation devices [10]. - GE Healthcare could leverage the real-time imaging guidance of Histotripsy to create a comprehensive diagnostic and treatment loop [10]. - Johnson & Johnson's acquisition could represent a natural progression of their investment in HistoSonics, strengthening their non-invasive solutions for soft tissue and tumor removal [10]. Group 4: Trends to Watch - The approval pace for indications like pancreatic and kidney cancer will influence market entry speed [11]. - The reimbursement system will need to adapt to the new treatment pathway offered by Histotripsy [11]. - The complexity of the device necessitates a structured training program for physicians to facilitate widespread clinical adoption [11]. - A successful acquisition by a major player could trigger accelerated financing and exits in the minimally invasive/non-thermal treatment sector [11].