Boston Scientific to Acquire CryoCor for $17.6 Million
April 16, 2008 - Boston Scientific Corp. will acquire CryoCor, Inc. and pay a cash purchase price of $1.35 per share of CryoCor, or approximately $17.6 million, as Boston Scientific pursues therapeutic solutions for atrial fibrillation (Afib).
Afib is the most common cardiac arrhythmia and affects millions of patients. The existing agreement involves the development of a console to deliver cryo energy to Boston Scientific's proprietary cryo balloon catheter. 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.
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, 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.
For more information: www.bostonscientific.com and www.cryocor.com