BSX To Buy Burlington Firm
Boston Scientific has announced its second acquisition in less than a month. The Natick-based medical device manufacturer said it will buy Rhythmia Medical Inc. of Burlington in a deal that's expected to be complete by the end of this week.
Rhythmia makes technology that helps guide heart surgeons when they implant catheters in patients and that regulate heartbeats when they're out of rhythm, helping circulatory systems to pump blood throughout the body efficiently.
The agreement calls for an upfront payment of $90 million, plus $175 million in contingent payments based on regulatory, commercial and sales-based milestones through 2017, BSX said in a statement.
Rhythmia's product, called a mapping system, is awaiting approval from the U.S. Food and Drug Administration, as well as authorities in Europe. Boston Scientific (BSX) expects to begin a limited market launch of the system in 2013 and a full market launch the following year.
"The acquisition of Rhythmia Medical is a decisive step forward for Boston Scientific in the electrophysiology ablation business, including the high-growth segment of complex ablation," said Hank Kucheman, Boston Scientific's CEO. "Electrophysiology is a $2.5-billion market and growing at a double-digit pace, representing a key opportunity for us."
Just last month, BSX announced it was acquiring BridgePoint Medical Inc. of Minneapolis, a maker of catheters that treat chronically blocked coronary arteries. Earlier this year, it bought Cameron Health Inc. of San Clemente, Calif., which makes implantable defibrillators.
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