By Lisa Kerner
Charlotte, N.C., April 16 - Boston Scientific Corp. said it entered into a definitive agreement to acquire CryoCor, Inc. for $1.35 per share in cash, or approximately $17.6 million.
CryoCor's board of directors has approved the deal, which is structured as a cash tender offer expected to begin within the next 10 business days, a Boston Scientific news release stated.
A second-step merger will follow the tender offer. Any untendered CryoCor shares would be converted into the right to receive the same cash price per share as shareholders who tendered in the tender offer, according to the release.
Boston Scientific and CryoCor expect the merger to close in the second quarter of 2008.
The acquisition follows a June 2007 development agreement between the companies to pursue therapeutic solutions for atrial fibrillation, the most common cardiac arrhythmia that affects millions of patients, Boston Scientific said.
Boston Scientific said it is working with CryoCor to develop a console to deliver cryo energy to Boston Scientific's proprietary cryo balloon catheter.
"We are pleased to see our cryoablation system and our intellectual property assets partnered with one of the world's leading electrophysiology companies," CryoCor chief executive officer Ed Brennan said in the release.
Boston Scientific is a Natick, Mass., medical device company.
San Diego-based CryoCor develops and manufactures minimally invasive and disposable catheter systems based on proprietary cryoablation technology for the treatment of cardiac arrhythmias.
| Acquirer: | Boston Scientific Corp.
|
| Target: | CryoCor, Inc.
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| Announcement date: | April 16
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| Transaction total: | $17.6 million
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| Price per share: | $1.35
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| Expected closing: | Second quarter of 2008
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| Stock price of target: | Nasdaq: CRYO: $1.13 on April 15
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