Boston Scientific Corp to purchase CryoCor Inc

Boston Scientific Corp is going to acquire CryoCor, Inc. for $1.35 per share of CryoCor, or approximately $17.6 million, in cash.

Photo: Boston Scientific Corp to purchase CryoCor Inc

The Boston Scientific Corporation is a worldwide developer, manufacturer and marketer of medical devices whose products are used in a range of interventional medical specialties.

This acquisition follows a development agreement, in place since June 2007, to pursue therapeutic solutions for atrial fibrillation, or "Afib." 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."

The acquisition, which has been approved by the Board of Directors of CryoCor, is structured as a cash tender offer. The parties have agreed to commence the tender offer within the next 10 business days. The merger is expected to close this quarter.