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News

Medtronic agrees takeover bid for CryoCath Technologies

Medtronic : 25 September, 2008  (Company News)
Medtronic and CryoCath Technologies have entered into an agreement which will see Medtronic, through a wholly owned subsidiary, make a takeover bid for all of the outstanding shares of CryoCath.
The deal represents a total equity value of approximately $400 million Cdn ($380 million USD).

The CryoCath board of directors unanimously recommended that CryoCath shareholders accept the offer, and the acquisition is expected to close in the fourth quarter of calendar 2008.

“Medtronic estimates that up to five million patients worldwide are impacted by atrial fibrillation,” said Pat Mackin, president of the Cardiac Rhythm Disease Management business and senior vice president at Medtronic. “Medtronic and physicians are interested in procedures that are safer, faster and less complex so that more patients can benefit from treatment.”

“Medtronic’s offer reflects its endorsement of our cryoablation technology and the role that our flagship product, Arctic Front, will play in treating atrial fibrillation patients around the world,” said Jan Keltjens, president and chief executive officer of CryoCath. “This offer delivers significant value. Joining forces with Medtronic at this stage in our development will dramatically expand our reach and accelerate innovation to the benefit of patients today and tomorrow.”
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