Free Newsletter
Register for our Free Newsletters
Analysis, Inspection and Laboratory
Assisted/Independent Living
Clinical and Nursing Equipment
Design and Manufacture of Medical Equipment
Diagnostics Equipment, Monitoring and Test
Education, Training and Professional Services
Health Education and Patient Management
Health Estates Management
Healthcare Support and Information Services
Hygiene and Infection Control
IT and Communications in Healthcare
Medical Device Technology
Research and Development
Safety and Security
View All
Other Carouselweb publications
Carousel Web
Defense File
New Materials
Pro Health Zone
Pro Health Zone
Pro Security Zone
Web Lec
Pro Engineering Zone

CryoCor is set to merge with Boston Scientific

Boston Scientific : 16 April, 2008  (Company News)
CryoCor and Boston Scientific have signed a definitive merger agreement, under which Boston Scientific will pay a cash purchase price of $1.35 per share of CryoCor, or approximately $17.6 million.
The acquisition follows a development agreement, in place since June 2007, to pursue therapeutic solutions for atrial fibrillation, or Afib, which is the most common cardiac arrhythmia and affects millions of patients.

The existing development agreement involves the development of a console to deliver cryo energy to Boston Scientific's proprietary cryo balloon catheter. Boston Scientific's cryo balloon is being developed to provide a safe, standardised and broadly applicable method to isolate the electrical activity originating from the pulmonary veins, which are believed to be a source for the initiation and propagation of Afib.

'In the current development project, CryoCor's console demonstrated its ability to efficiently deliver nitrous oxide to our proprietary cryo balloon catheter,' said Fred Colen, executive vice president, Operations and Technology, Boston Scientific Cardiac Rhythm Management. 'This acquisition will allow us to further refine this base console technology, and gaining exclusive rights to CryoCor's family of intellectual property will provide us a key strategic advantage. This is a good example of our Cardiac Rhythm Management and Electrophysiology teams working together to advance our most promising technologies and to potentially make new Afib solutions a reality for electrophysiologists and their patients.'

'We are pleased to see our cryoablation system and our intellectual property assets partnered with one of the world's leading electrophysiology companies,' said Ed Brennan, chief executive officer of CryoCor.

The acquisition, which has been approved by the Board of Directors of CryoCor, is structured as a cash tender offer. The parties have agreed to commence the tender offer within the next 10 business days, followed by a second-step merger in which any untendered CryoCor shares would be converted into the right to receive the same cash price per share as shareholders who tendered in the tender offer.

Both the tender offer and the merger are subject to terms and conditions detailed in the merger agreement. The merger is expected to close this quarter.

Bookmark and Share
Home I Editor's Blog I News by Zone I News by Date I News by Category I Special Reports I Directory I Events I Advertise I Submit Your News I About Us I Guides
   © 2012
Netgains Logo