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St Jude Medical plans acquisition of EP

St Jude Medical : 09 April, 2008  (Company News)
St Jude Medical is planning to acquire EP MedSystems for approximately $92.1 million and upon completion the transaction will immediately add two new growth drivers to St Jude Medical's programme for products used in atrial fibrillation (AF) and other electrophysiology (EP) catheterization procedures.
The programme includes the EP-WorkMate computerised electrophysiology workstation with a fully integrated EP-4 Computerised Cardiac Stimulator and expansion options to incorporate the NurseMate Remote Review Charting Station. The EP-WorkMate platform already enjoys a strong number two share of the global market for EP recording systems in spite of limited sales and marketing resources.
The transaction will also speed St Jude Medical's entry into the high-growth intracardiac Ultrasound echocardiography (ICE) market with the EP MedSystems ViewMate II intracardiac Ultrasound system and the next generation ViewFlex PLUS ICE Catheter scheduled for market release this quarter. The market is growing at an estimated 25 percent to 30 percent per year and includes both electrophysiology and interventional cardiology applications.

'This transaction will accelerate the growth of St Jude Medical's programme to help physicians cure atrial fibrillation,' said Daniel J Starks, chairman, president and chief executive officer of St Jude Medical. 'EP MedSystems' new ClearWave signal recording technology and its next generation ViewFlex PLUS ICE Catheter will be especially important additions to our AF technology platform.'

David Bruce, president and chief executive officer of EP MedSystems, said, 'With growth accelerating over the past year, EP MedSystems' products and market position are stronger than they've ever been thanks to the focus and efforts of our employees. This transaction delivers significant shareholder value and enables our key product platforms to benefit from the extensive worldwide distribution, customer support and product development infrastructure of St Jude Medical. We look forward to working with the St Jude Medical team toward a seamless combination.'

The transaction is subject to certain closing conditions and regulatory approvals, and approval by EP MedSystems shareholders. Following the close of the transaction, Bruce is expected to join St Jude Medical, and EP MedSystems will become part of the Atrial Fibrillation division of St Jude Medical.
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