Hyderabad, Oct 15 (IANS): St. Jude Medical, Inc, a global medical device company, Tuesday announced completion of its acquisition of Nanostim Inc., a developer of miniaturized and leadless pacemakers.
The acquisition adds the world's first and only leadless pacemaker to the St.Jude Medical product portfolio and culminates a two-year partnership between the two companies during which St. Jude invested in and collaborated with Nanostim throughout its product development and commercialization initiatives, said a release by St. Jude here.
Unlike conventional pacemakers that require a more invasive surgery, the Nanostim leadless pacemaker is designed to be implanted directly into the heart via a minimally invasive procedure.
"The Nanostim leadless pacemaker represents one of the most important advances in the history of pacing technology, and builds on St.Jude Medical's strong history of pacing innovation," said Eric S. Fain, president of the St.Jude Medical Implantable Electronic Systems Division.
Under the agreement entered into in 2011, St. Jude Medical paid $123.5 million to Nanostim shareholders at the closing of the transaction.
The merger agreement also provides for additional cash payments of up to $65 million, which are contingent upon both the achievement and timing of certain revenue-based milestones.
"Nanostim's focus on bringing innovative technologies to the market closely aligns with St. Jude Medical's commitment to developing leading products and treatment options for patients and physicians worldwide," said Nanostim CEO Drew Hoffman.