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AtriCure to acquire SentreHEART
Posted on Tuesday, 13 August 2019 09:01
AtriCure has announced it is buying US-based medical device company SentreHEART for USD 300.00 million.
The purchase price includes an upfront sum of USD 40.00 million in cash and shares.
AtriCure will also pay a further USD 140.00 million and USD 120.00 million, respectively, based on milestones related to the aMAZE clinical trial and premarket approval, as well as reimbursement for the therapy involving SentreHEART devices.
Subject to closing conditions, the deal is slated to complete within the next several days.
Based in California, SentreHEART develops technology that allows clinicians to close up anatomic structures during surgery.
The company specialises in percutaneous left atrial appendage services, primarily used for patients with heart conditions such as atrial fibrillation (Afib) and pulmonary vein isolation.
SentreHEART’s offerings include the Lariat Suture Delivery Device, a remote piece of equipment that ensures precise, immediate and complete closure with no metal, clip or implant left behind.
It is currently being studied in the US Food and Drug Administration-approved aMAZE trial to help develop treatment for persistent and longstanding Afib.
Over 535 patients have been enrolled into the study, which aims to reduce the recurrence of the condition and allow sufferers more than 30 seconds of symptom-free periods.
Michael Carrel, chief executive of AtriCure, said: “This transaction combines two companies dedicated to solving the challenges associated with Afib.
“We are confident that SentreHEART complements our current product portfolio and intellectual property, augments our commitment to clinical science with the aMAZE Trial, and will leverage our growing commercial channel into the electrophysiology market.”
Headquartered in Ohio, AtriCure provides products and treatments designed to treat Afib and other related conditions.
The group has more than 650 employees and serves over 300,000 patients worldwide.
For the six months up to 30th June 2019, AtriCure generated revenue of USD 112.87 million, up from USD 98.80 million in the corresponding period of 2018.
By the end of 2019, the company expects to post revenue of between USD 224.50 million and USD 228.50 million, while recording a loss before interest, taxes, depreciation and amortisation in the range of USD 7.00 million to USD 9.00 million, excluding acquisition costs.
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