St. Jude Medical Announces Definitive Agreement to Acquire NeuroTherm
Acquisition expected to accelerate growth of St. Jude Medical’s chronic pain business and strengthen its position as a global leader in developing therapies to treat chronic pain
St. Paul, MN - St. Jude Medical, Inc., a global medical device company, today announced that it has signed a definitive agreement to acquire privately held NeuroTherm, Inc., a manufacturer of interventional pain management therapies, for approximately $200 million in cash.
NeuroTherm is a global leader in the treatment of spinal pain using radiofrequency ablation (RFA), a segment of the chronic pain market in which St. Jude Medicaldoes not currently participate. The company expects to complete this transaction by the end of the third quarter, subject to customary closing conditions. NeuroTherm is expected to add approximately $10 million to $15 million to St. Jude Medical’s 2014 sales. Excluding acquisition-related expenses, this transaction will be neutral to St. Jude Medical’s consolidated earnings per share in 2014 and accretive thereafter on a GAAP basis.
“NeuroTherm’s radiofrequency ablation products are an ideal complement to St. Jude Medical’s chronic pain portfolio, providing our global sales force with additional interventional pain therapies that offer potential relief to patients earlier in the chronic pain continuum,” said Michael T. Rousseau, chief operating officer of St. Jude Medical. “As the only medical device manufacturer with both RFA and spinal cord stimulation, this acquisition will enable us to offer more treatment options to patients worldwide who suffer from the debilitating effects of chronic pain.” Continue>
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