Boston Scientific has announced it is exercising the company's option to acquire Cameron Health, according to a news release.
Cameron Health, a privately held company based in San Clemente, Calif., is the developer of the only commercially available subcutaneous implantable cardioverter defibrillator — the S-ICD System. The system, an alternative to traditional defibrillators, has received CE Mark and been commercially available in select geographies, including several major European countries, since 2009. Boston Scientific anticipates FDA approval for the S-ICD System in the first half of 2013.
The acquisition agreement calls for an upfront payment of $150 million by Boston Scientific, payable upon transaction closing, plus an additional potential $150 million payment upon FDA approval of the S-ICD System. The agreement also calls for up to an additional $1.05 billion in payments based on meeting revenue-based targets in the six years after it goes on the market.
"With Cameron, we gain a strong, experienced team of professionals who are pioneers in this novel technology, and we are thrilled to welcome them to Boston Scientific," said Hank Kucheman, CEO of Boston Scientific, in the release. "The acquisition of Cameron Health builds on Boston Scientific's commitment to introducing innovation in the [cardiac rhythm management] space and represents an important part of our strategy to generate top-line revenue and market share growth."
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