Medtronic completes acquisition of CryoCath for $380M
Medtronic has been successful in its bid, through an indirect wholly-owned subsidiary, to acquire CryoCath Technologies at $8.75 Cdn per share under its previously announced offer dated October 3, 2008.
The offer expired, as scheduled, on Wednesday, and approximately 41 million common shares of CryoCath were deposited at that time, representing approximately 96.3 percent of CryoCath’s issued and outstanding common shares on a fully-diluted basis, according to the Minneapolis-based Medtronic. The shares have been accepted for payment, which will be made on or before Friday.
The Montreal-based CryoCath has resolved its outstanding patent suits with Boston Scientific and its units involving cryoablation systems in the U.S. and Canada, agreeing to end an International Trade Commission investigation. However, CryoCath agreed to pay royalties on certain future products for a limited time.
CryoCath’s flagship product, Arctic Front, is used to treat atrial fibrillation patients.
The offer expired, as scheduled, on Wednesday, and approximately 41 million common shares of CryoCath were deposited at that time, representing approximately 96.3 percent of CryoCath’s issued and outstanding common shares on a fully-diluted basis, according to the Minneapolis-based Medtronic. The shares have been accepted for payment, which will be made on or before Friday.
The Montreal-based CryoCath has resolved its outstanding patent suits with Boston Scientific and its units involving cryoablation systems in the U.S. and Canada, agreeing to end an International Trade Commission investigation. However, CryoCath agreed to pay royalties on certain future products for a limited time.
CryoCath’s flagship product, Arctic Front, is used to treat atrial fibrillation patients.