Medtronic buying CryoCath of Montreal 400M

[GDS]

So we lose another head office.

 

Medtronic buying CryoCath

9/25/2008 9:25:48 AM

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Post-Bulletin and news service reports

 

Medtronic Inc. is paying about $400 million to buy a Canadian medical device company that has worked with Mayo Clinic.

 

This morning, Minneapolis-based medical device maker Medtronic announced that it is buying Montreal-based CryoCath Technologies Inc.

 

CryoCath has accepted the offer of $8.75 per share, about $380 million total.

 

CyroCath makes a heart catheter used to treat atrial fibulation.

 

Mayo Clinic participated in a clinical study, along with Massachusetts General Hospital in Boston, of CryoCath's Arctic Front catheter.

 

Dr. Douglas Packer of Mayo Clinic presented the results of the study at the Annual International Boston Atrial Fibrillation Symposium in 2006.

 

In today's announcement, Medtronic explained why it is interested in CyroCath.

 

"Medtronic estimates that up to five million patients worldwide are impacted by atrial fibrillation," said Pat Mackin of Medtronic. "Medtronic and physicians are interested in procedures that are safer, faster and less complex so that more patients can benefit from treatment."