Medtronic Inc. has agreed to pay $400m to buy CryoCath
Technologies Inc. a Montreal-based company that develops specialized equipment
used in heart surgeries.
Minneapolis-based Medtronic has revealed it will offer C$8.75
per share for CryoCath, a specialist in equipment for cryotherapy, or
cold-based, products to treat cardiac arrhythmias.
Medtronic, with over 40,000 employees worldwide and about
US$16bn in annual revenues, is a much larger company that develops,
manufactures, and markets a wider range of medical devices.
CryoCath President and CEO Jan Keltjens welcomed Medtronic's
offer as an endorsement of his company's technology for the treatment of atrial
fibrillation, or abnormal heart rhythm.
“Joining forces with Medtronic at this stage in our
development will dramatically expand our reach and accelerate innovation to the
benefit of patients today and tomorrow,” Keltjens said.
Medtronic’s closest competitors are regarded as including
Boston Scientific, another specialist in medical equipment, and Johnson &
Johnson, which has a major presence in the equipment business in addition to
its better-known consumer products.
