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In Brief: Angeion/Ela Medical

This article was originally published in The Gray Sheet

Executive Summary

Angeion/Ela Medical: Firms establish a 50-50 joint venture for combined U.S. marketing of cardiac rhythm management products. The product line-up includes Synthelabo subsidiary Ela Medical's Chorus RM, Chorus RM DDD, Opus RM and Opus RM SSI pacemakers and, pending FDA approval, Angeion's Sentinel series implantable cardioverter defibrillators and defibrillator lead systems ("The Gray Sheet" June 23, In Brief). The combined portfolio also will contain ELA's Defender dual chamber ICDs. The joint venture will be headed by Dennis Sellke, CEO, former president and CEO of Clarus Medical Systems. Internationally, the firms' relationship includes marketing of Angeion ICDs under Ela trademarks by Ela's established direct sales and marketing network in Europe and Japan. The agreement includes an equity investment by Synthelabo of $15-30 mil. in Angeion -- including an initial payment of $15 mil. upon closing (which is subject to review by the Federal Trade Commission) -- and an additional $15 mil. upon achievement of certain milestones over the next 18-24 months. In addition "the exercise of warrants issued to Synthelabo as part of this transaction could raise up to an additional $18 mil. for Angeion," Angeion states...
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