St. Jude Medical Completes Acquisition of CardioMEMS
St. Jude Medical, Inc. (NYSE:STJ), a global medical device company, announced on June 2, 2014, it has completed its acquisition of privately held CardioMEMS, Inc., developer of the CardioMEMS™ HF System. The acquisition was completed on May 30, 2014.
Commenting on the acquisition, St. Jude Medical Chairman, President and Chief Executive Officer Daniel J. Starks said, “St. Jude Medical’s acquisition ofCardioMEMS shows our commitment to providing innovative medical device solutions that reduce the burden of complex diseases like heart failure, both on patients and health care systems. The CardioMEMS HF System achieves this goal by setting a new treatment paradigm for heart failure that reduces hospitalizations and improves the quality of life for patients.”
The CardioMEMS HF System is the first and only FDA-approved heart failure monitoring device proven to significantly reduce hospital admissions when used by physicians to manage heart failure. St. Jude Medical will now begin its strategic launch of the CardioMEMS HF System in the U.S.
The CardioMEMS HF System allows clinicians to stabilize pulmonary artery pressures by proactively managing medications and other treatment options while also providing an early indication of worsening heart failure, thereby improving heart failure patients’ quality of life, and reducing economic risks for hospitals and payers.
BofA Merrill Lynch acted as financial advisor and Gibson, Dunn & Crutcher LLP as legal counsel to St. Jude Medical. J.P. Morgan Securities LLC acted as financial advisor to CardioMEMS and Cooley LLP as legal counsel.