Medtronic to Acquire CryoCath
Quebec-based CryoCath announced completion of a merger agreement with Medtronic whereby the Canadian company will be purchased. A wholly owned subsidiary of Medtronic will purchase the outstanding company shares to the tune of $380 million. The deal was already approved by the CryoCath Board of Directors. It is expected to close before the end of the fourth quarter.
CyroCath is a company specializing in medical technology. The company is dedicated to the development of cryotherapy systems to treat patients with cardiac arrhythmia. The company’s annual sales arein the $40 million (Canadian) range. The market for products used to treat atrial fibrillation is expected to grow dramatically.
September 29, 2008 Related topics: Mergers & Acquisitions, Cardiology