Will This Be a Busy Summer for M & amp;A in Medtech?
A company from the list of the Most Attractive Medtech Firms on the M&A Radar is making an acquisition as medtechâs hot M&A summer continues. Atrial Fibrillation (Afib) specialist, AtriCure has entered into a definitive agreement to acquire SentreHEART, a developer of percutaneous left atrial appendage management solutions.
SentreHEART is developing the Lariat left atrial appendage (LAA) closure device. Lariat is being evaluated in aMAZE, a pivotal clinical trial evaluating the use of the device for closure of the LAA as an adjunctive treatment to ablation in patients with persistent or longstanding persistent Afib. So far, the Redwood City, CA-based company has enrolled 535 patients in the trial. According to www.clinicaltrials.gov, the trial will enroll up to 600 patients.
The deal, set to close in a few days, consists of an upfront payment of $40 million in cash plus $140 million based on milestones related to the aMAZE IDE clinical trial, including PMA approval. It also calls for a milestone payment of $120 million related to reimbursement for the therapy involving SentreHEART devices.
Andy Wade, Senior VP, and CFO of AtriCure said in a release, âWe have a strong balance sheet, which has been reinforced by our credit facility with Silicon Valley Bank. As a result, we believe that we can support both the upfront payment and ongoing investments in the combined business with minimal shareholder dilution. While this transaction will...
Source: MDDI - Category: Medical Devices Authors: Omar Ford Tags: Cardiovascular Business Source Type: news
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