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Apr-16-2008Boston Scientifc to acquire CryoCor for $17.6M cash(topic overview)
CONTENTS:
- NATICK, Mass. and SAN DIEGO, Calif., April 16 /PRNewswire-FirstCall/ -- Boston Scientific Corporation NYSE: BSX and CryoCor, Inc. NASDAQ: CRYO today announced the signing of a definitive merger agreement, under which Boston Scientific will pay a cash purchase price of $1.35 per share of CryoCor, or approximately $17.6 million. (More...)
- About CryoCor, Inc. CryoCor is a medical technology company that has developed and manufactures a disposable catheter system based on its proprietary cryoablation technology for the minimally invasive treatment of cardiac arrhythmias. (More...)
- The company said it will pay $1.35 per share in cash for CryoCor, which had 12.7 million shares outstanding as of March 3. (More...)
- The acquisition, which has been approved by the Board of Directors of CryoCor, is structured as a cash tender offer. (More...)
- All times are ET. : Time reflects local markets trading time. - Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. Disclaimer (More...)
SOURCES
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NATICK, Mass. and SAN DIEGO, Calif., April 16 /PRNewswire-FirstCall/ -- Boston Scientific Corporation NYSE: BSX and CryoCor, Inc. NASDAQ: CRYO today announced the signing of a definitive merger agreement, under which Boston Scientific will pay a cash purchase price of $1.35 per share of CryoCor, or approximately $17.6 million. This acquisition follows a development agreement, in place since June 2007, to pursue therapeutic solutions for atrial fibrillation, or "Afib." [1] The acquisition, which is structured as a cash tender offer, will begin within the next 10 business days, followed by a second-step merger in which any untendered CryoCor shares would be converted into the right to receive the same cash price per share. Boston Scientific and CryoCor said the deal is expected to close this quarter.[2] The Natick, Mass., medical device manufacturer said the deal is structured as a cash tender offer that will begin within the next 10 business days. Boston Scientific said untendered CryoCor shares would be converted into a right to receive the same cash price per share as shareholders who tendered in their tender offer.[3]
The parties have agreed to commence the tender offer within the next 10 business days, followed by a second-step merger in which any untendered CryoCor shares would be converted into the right to receive the same cash price per share as shareholders who tendered in the tender offer. Both the tender offer and the merger are subject to terms and conditions detailed in the merger agreement. The merger is expected to close this quarter.[1] The company said the deal has been structured as a cash tender offer, which is scheduled to begin within the next 10 business days. Any untendered shares will then be converted into the right to receive the same cash price per share as shareholders who tendered their shares in the offer.[4]
BSX will pay $1.35 per share in cash for CRYO, which had 12.7 million shares outstanding as of March 3. The deal is expected to close this quarter.[5] Natick-based Boston Scientific (NYSE:BSX) is expected to pay $1.35 per share of CryoCor (Nasdaq: CRYO).[6] The existing agreement involves the development of a console to deliver cryo energy to a cryo balloon catheter that Boston Scientific has designed to provide a safe and standardized method to isolate the electrical activity originating from the pulmonary veins, which are believed to be a source of Afib, Boston Scientific said. The acquisition of CryoCor will allow Boston Scientific to further refine this base console technology and gain exclusive rights to CryoCor's intellectual property, Boston Scientific said. The proposed acquisition has the approval of CryoCor's board of directors and is expected to close this quarter, Boston Scientific said.[7] Afib is the most common cardiac arrhythmia and affects millions of patients. Fred Colen, Executive Vice President, Operations and Technology, Boston Scientific Cardiac Rhythm Management, said, "In the current development project, CryoCor's console demonstrated its ability to efficiently deliver nitrous oxide to our proprietary cryo balloon catheter. This acquisition will allow us to further refine this base console technology, and gaining exclusive rights to CryoCor's family of intellectual property will provide us a key strategic advantage."[8] Boston Scientific's cryo balloon is being developed to provide a safe, standardized and broadly applicable method to isolate the electrical activity originating from the pulmonary veins, which are believed to be a source for the initiation and propagation of Afib. "In the current development project, CryoCor's console demonstrated its ability to efficiently deliver nitrous oxide to our proprietary cryo balloon catheter," said Fred Colen, Executive Vice President, Operations and Technology, Boston Scientific Cardiac Rhythm Management. "This acquisition will allow us to further refine this base console technology, and gaining exclusive rights to CryoCor's family of intellectual property will provide us a key strategic advantage. This is a good example of our Cardiac Rhythm Management and Electrophysiology teams working together to advance our most promising technologies and to potentially make new Afib solutions a reality for electrophysiologists and their patients."[1]
CRYO has a console that can deliver cryo energy by way of a cryo balloon catheter developed by BSX. The technique is used as therapy for atrial fibrillation, a common cardiac arrhythmia. In a joint statement, Fred Colen, executive vice president of operations and technology for BSX, said, "This acquisition will allow us to further refine this base console technology, and gaining exclusive rights to CryoCor's family of intellectual property will provide us a key strategic advantage."[5]
Boston Scientific and CryoCor have been working on a console to deliver tissue-freezing nitrous oxide to Boston Scientific's proprietary cryo balloon catheter as a way to isolate the electrical activity originating from the pulmonary veins, which are believed to be a source for the initiation and propagation of atrial fibrillation. The acquisition, which has been approved by the board of directors of CryoCor, is expected to close this quarter, according to Boston Scientific.[6] CyroCor has been developing a console that would help power Boston Scientific's cryo balloon catheter, which is being developed to treat atrial fibrillation. CyroCor, on its own, makes a disposable catheter system intended to treat cardiac arrhythmias.[9]
The existing development agreement involves the development of a console to deliver cryo energy to Boston Scientific's proprietary cryo balloon catheter.[1] Boston Scientific and CryoCor, a medical technology company, reached an agreement in June 2007 to develop a process to deliver cryo energy to Boston Scientific's cryo balloon catheter.[3]
Boston Scientific Corp. (BSX) signed a definitive agreement to acquire CryoCor Inc. (CRYO) for $17.6 million, or $1.35 a share.[3] BOSTON, Apr. 16, 2008 (Thomson Financial delivered by Newstex) -- Boston Scientific Corp. (NYSE:BSX) plans to acquire CryoCor Inc. (NASDAQ:CRYO) for $17.6 million in cash, or $1.35 a share.[2]
Medical device powerhouse Boston Scientific Corp. will purchase San Diego-based CryoCor Inc. for approximately $17.6 million in cash.[6]
NATICK, Mass. -- Medical-device maker Boston Scientific Corp. said Wednesday it will buy rival CryoCor Inc. for about $17.2 million to further develop a technique for treating a heart arrhythmia.[4] Boston Scientific ( BSX : sentiment, chart, options ) said it plans to acquire rival firm CryoCor ( CRYO : sentiment, chart, options ) for more than $17 million.[5]
Natick, Mass. -based Boston Scientific (NYSE: BSX) announced on Wednesday that it had signed a deal to buy San Diego-based CyroCor (Nasdaq: CRYO).[9]
Shares of Boston Scientific, a Natick, Mass. -based medical device manufacturer, closed Tuesday at $12.48.[2] Boston Scientific reported a 2007 net loss of $495 million on revenue of $8.4 billion.[6]
Boston Scientific's Electrophysiology business is a leader in cardiac ablation products designed to treat common cardiac arrhythmias. Its line of Blazer(TM), Blazer XP(TM) and Chilli II(TM) products are used to treat arrhythmias such as Atrial Flutter and Ventricular Tachycardia.[1] The company said the deal follows a development agreement to pursue therapeutic solutions for atrial fibrillation, Afib, a common cardiac arrhythmia.[4] The agreement goes well beyond a deal signed last June for the companies to jointly pursue development of new treatments for atrial fibrillation, the most common cardiac arrhythmia.[9]
The two companies have been working together under a development agreement since June 2007 to pursue therapies for atrial fibrillation, the most common cardiac arrhythmia.[6]
This acquisition follows a development agreement, in place since June 2007, to pursue therapeutic solutions for atrial fibrillation, or "Afib."[8]
Since June, the two companies have been jointly seeking to develop a therapeutic solution to atrial fibrillation, or Afib, a common cardiac arrhythmia that affects millions of people.[7] The Cryoablation System has been approved in Europe for the treatment of atrial fibrillation, and atrial flutter, the two most common and difficult to treat arrhythmias, since 2002.[1] In the United States, CryoCor is conducting a pivotal trial to evaluate the safety and efficacy of the Cryoablation System for the treatment of atrial fibrillation and the Cryoablation System has been approved for the treatment of right atrial flutter.[1]
About CryoCor, Inc. CryoCor is a medical technology company that has developed and manufactures a disposable catheter system based on its proprietary cryoablation technology for the minimally invasive treatment of cardiac arrhythmias. [1] The Company's product, the CryoCor Cardiac Cryoablation System, or the Cryoablation System, is designed to treat cardiac arrhythmias through the use of cryoenergy, or extreme cold, to destroy targeted cardiac tissue.[1]
The company said it will pay $1.35 per share in cash for CryoCor, which had 12.7 million shares outstanding as of March 3. [4] Analysts polled by First Call/Thomson Financial expected the company to report earnings of $0.32 per share on revenues of $86.0 million.[8]
The acquisition, which has been approved by the Board of Directors of CryoCor, is structured as a cash tender offer. [1]
The cryo balloon catheter is currently under development and not approved for sale.[1]
All times are ET. : Time reflects local markets trading time. - Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. Disclaimer [2]
SOURCES
1. Boston Scientific Corporation :: Boston Scientific and CryoCor Announce Signing of Definitive Merger Agreement
2. Boston Scientifc to acquire CryoCor for $17.6M cash
3. Boston Scientific To Acquire CryoCor For $17.6 Million
4. Boston Scientific to buy CryoCor for $17.2M in cash deal | Chron.com - Houston Chronicle
5. Schaeffer's Investment Research - Schaeffer's Daily Market Blog: Breaking Option News, Commentary, & In-depth Analysis
6. Boston Scientific hot for $17M CryoCor buy - Mass High Tech: The Journal of New England Technology:
7. Boston Scientific agrees to buy CryoCor for $17.6 m - Daily Business Update - The Boston Globe
8. RTTNews - Quick facts Articles, Positive EPS Surprises, News Analysis, Earnings, Audio News.
9. Boston Scientific buys CyroCor for under $18M - Boston Business Journal:
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