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In Brief: St. Jude/Cyberonics

This article was originally published in The Gray Sheet

Executive Summary

St. Jude/Cyberonics: Merger agreement cleared by Cyberonics shareholders, the firm announces July 23. The action gives St. Jude until October 18 to exercise its option to complete a $72 mil. merger transaction under an April 8 agreement -- time to evaluate results from a second clinical trial of Cyberonics' NCP (NeuroCybernetic Prosthesis) neurological stimulation device ("The Gray Sheet" April 15, I&W-3). Cyberonics also completes the sale of 2.2 mil. new shares of common stock to St. Jude at $5.50 each for an aggregate of $12 mil. -- the merger agreement called for the equity financing upon Cyberonics shareholder approval...
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