Boston Scientific in deal to buy Rhythmia Medical
NATICK, Mass. (AP) — Boston Scientific Corp. said Monday it will buy Rhythmia Medical, which makes mapping and navigation systems used in heart surgeries, for up to $265 million.
Boston Scientific said it will pay $90 million upfront and as much as $175 million more based on regulatory, commercial and sales milestones through 2017. The purchase is expected to close by Friday.
Privately held Rhythmia Medical is based in Burlington, Mass., and it is studying mapping and navigation technology that can be used in procedures that treat heart problems using electricity. Those procedures include cardiac catheter ablations, where small amounts of tissue are destroyed to improve heart function, and treatments for conditions like atrial fibrillation, a type of irregular heartbeat.
Rhythmia Medical's mapping system has not been approved, but Boston Scientific expects to start selling the system in 2013 and make a full launch in 2014
Separately, Boston Scientific said it will report its third-quarter results Oct. 18.
Shares of Boston Scientific lost a penny to end Monday's regular session at $5.75. The stock declined 3 cents to $5.72 in aftermarket trading.