Medtronic, through an affiliated entity, has completed the acquisition of the privately held Ablation Frontiers for approximately $225 million.
Under the terms of the agreement announced Jan. 12, the transaction includes an initial payment of $225 million, plus potential additional payments contingent upon achievement of certain clinical milestones, according to the Minneapolis-based Medtronic.
Ablation Frontiers, based in Carlsbad, Calif., develops solutions for atrial fibrillation and other cardiac arrhythmias. In 2006, Ablation Frontiers received CE Mark approval to begin marketing its system of catheters and the GENius radiofrequency generator in the European Union to treat supraventricular arrhythmias and for use in atrioventricular node ablation. Ablation Frontiers is conducting a clinical trial under a FDA investigational device exemption to gain approval of the catheter system for permanent/long-standing persistent/chronic atrial fibrillation. The company's products are not approved for marketing or sales in the U.S.
The company will be operating within Medtronic's cardiac rhythm disease management business. Medtronic said that Ablation Frontiers and the recently acquired the Montreal-based CryoCath Technologies will expand its recently launched atrial fibrillation solutions business.