Boston Scientific agrees to buy Atritech
Among Boston Scientific's most important products are stents and defibrillators, which are often used in patients with heart conditions, and the proposed acquisition has the potential to broaden Boston Scientific's portfolio of less-invasive devices that can be used for cardiovascular care.
Privately held Atritech had developed a device designed to close the left atrial appendage in patients with atrial fibrillation who are at risk for ischemic stroke, Boston Scientific said in a press release. The left atrial appendage is an area of the heart.
The sales agreement calls for Boston Scientific to make an upfront payment of $100 million plus additional potential payments of up to $275 million upon achievement of specified regulatory and revenue-based milestones through 2015, the press release said.
Boston Scientific said it expects the transaction to be approximately one to two cents dilutive to earnings per share on a GAAP basis in 2011, 2012 and 2013, and accretive thereafter. The closing of the transaction is expected to be completed in the first quarter.