St. Jude Buys Endosense, Has Made Initial Payment of $170M, Will Pay Added $161M
St. Jude Medical, Inc. (NYSE: STJ), a global medical device company, today announced the acquisition of Endosense SA, a Switzerland-based company that has pioneered contact-force measurement in catheter ablation. The acquisition adds to the company's leading electrophysiology portfolio and provides a robust platform for future product development.
St. Jude Medical has made an initial payment of approximately 159 million Swiss francs ($170 million USD) and acquired 100 percent of the outstanding equity of Endosense. The terms of the transaction also provide for an additional cash payment of up to 150 million Swiss francs ($161 million USD), which is contingent upon both the achievement and timing of a regulatory milestone. The company funded the initial payment using available cash from outside of the U.S. and expects to make any future payments using these same cash balances. Except for acquisition-related expenses, this acquisition does not impact St. Jude Medical's outlook for 2013 consolidated earnings per share.
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