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news.Medical technology company Medtronic and medical device company Ablation Frontiers have entered into an agreement whereby Medtronic will acquire Ablation Frontiers for an initial payment of $225 million plus potential additional payments contingent upon achievement of certain clinical milestones.
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The acquisition has been approved by Ablation Frontiers’s shareholders, and is subject to regulatory clearance. The transaction is expected to close in Medtronic’s fourth fiscal quarter, ending April 24, 2009.
The goal of Medtronic’s newly formed AF Solutions franchise, led by vice president and general manager Reggie Groves, is to be the physician partner of choice for atrial fibrillation (AF) ablation by bringing breakthrough AF therapies to the patients and physicians that are simpler, safer, effective, and offer more predictable procedure times than current treatment methods, said Medtronic.
Following Medtronic’s recent acquisition of CryoCath Technologies, a provider of cryoablation treatments for AF, the addition of Ablation Frontiers’s anatomically designed, catheter-based ablation technologies and its unique radiofrequency energy system will allow Medtronic to deliver the industry’s broadest range of therapies, added Medtronic.
Pat Mackin, president of the cardiac rhythm disease management business and senior vice president at Medtronic, said: As the leader in cardiac rhythm disease management, Medtronic is well positioned to deliver innovative therapies and expand the marketplace to address unmet needs in AF. Once the transaction is complete, we will add Ablation Frontiers’s emerging technologies to our growing AF Solutions franchise.