This acquisition follows a development agreement, in place since June 2007, to pursue therapeutic solutions for atrial fibrillation, or ‘Afib’. The acquisition, which has been approved by the board of directors of CryoCor, is structured as a cash tender offer.
The parties have agreed to commence the tender offer within the next 10 business days, followed by a second-step merger in which 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. Both the tender offer and the merger are subject to terms and conditions detailed in the merger agreement. The merger is expected to close this quarter.
Fred Colen, executive vice president, operations and technology of Boston Scientific Cardiac Rhythm Management, said: “This acquisition will allow us to further refine this base console technology, and gaining exclusive rights to CryoCor’s family of intellectual property will provide us a key strategic advantage.”