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St Jude buys Velocimed for $82.5m

This article was originally published in Clinica

Executive Summary

St Jude Medical has acquired heart device manufacturer Velocimed for a cash price of $82.5m. Under the terms of the agreement, St Jude will also pay additional contingent payments tied to revenues and a milestone payment upon FDA approval of Velocimed's Premere patent foramen ovale (PFO) closure system. St Jude Medical of St Paul, Minnesota, anticipates that the deal will be finalised in the second quarter of 2005, with the first additional contingent payments to be paid in March 2007.

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