Boston Scientific closes on $300M California purchase
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Boston Scientific's headquarters in Marlborough. The company has closed on a deal worth up to $300M to acquire a California firm.
Marlborough medical device manufacturer Boston Scientific has closed on the $300-million purchase of a privately-held California medical device company.
According to SEC filings, the sale closed earlier this week on Tuesday, just over a week after announcing the agreement with Apama Medical on Oct. 2.
The closing comes earlier than expected, as the company previously announced the sale should close sometime during the fourth quarter.
The deal includes an up-front cash amount of $175 million and the remaining will come in payments of up to $125 million once Apama reaches regulatory and clinical milestones in developing a catheter to treat atrial fibrillation.
Boston Scientific says 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 sudden attacks of AF. The device is still being studied in clinical trials in Europe.
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