By RTT News, October 14, 2013, 07:19:00 AM EDT
(RTTNews.com) - St. Jude Medical, Inc.( STJ ), a global medical device company, Monday said it completed the acquisition of a privately-owned developer of miniaturized, leadless pacemakers, Nanostim, Inc., Pursuant to that terms of the merger agreement, St. Jude Medical paid $123.5 million to Nanostim shareholders at the deal closure. The agreement also provides for additional cash payments of up to $65 million, upon achieving revenue-based milestones.
Except for acquisition-related expenses, this transaction does not impact St. Jude Medical's outlook for 2013 earnings per share.
The Nanostim leadless pacemaker recently received CE Mark approval and will be available soon in select European markets. It also recently got the FDA conditional approval for its Investigational Device Exemption application and pivotal clinical trial protocol to begin evaluating Nanostim leadless technology in the U.S. The pacemaker is designed to be implanted directly into the heart through a minimally invasive procedure.
For comments and feedback: contact email@example.com