Boston Scientific buying California firm for $300M
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Boston Scientific's headquarters in Marlborough. The company is acquiring a privately-held company for up to $300 million.
Marlborough medical device manufacturing giant Boston Scientific has agreed to a deal worth up to $300 million to acquire a privately-held medical device company.
The deal to acquire California-based Apama Medical includes an up-front cash amount of $175 million. The remaining will come in payments of up to $125 million contingent upon the Apama's regulatory and clinical milestones in developing a catheter to treat atrial fibrillation (AF).
In a press release, Boston Scientific said the California firm is developing a system - called the Apama Radiofrequency Balloon Catheter System - to combine benefits of two primary AF treatments aimed at delivering energy to areas of the heart muscle to block unwanted electrical signals that cause AF.
Initial results of a first study found the device met safety and efficacy endpoints and was successful in treating patients with paroxysmal AF. The device is still being studied in clinical trials in Europe.
In a statement included with a press release, Joe Fitzgerald, president of rhythm management at Boston Scientific, said the device could be integrated with the company’s mapping system to provide physicians with an unprecedented visualization of the heart during these procedures.
Apama has about 40 employees, according to a press release. The acquisition is expected to close before the end of the year.
According to the company, the transaction is expected to be immaterial to Boston Scientific adjusted earnings per share for 2017 and 2018.
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