St. Jude Medical Completes Acquisition of Epicor Medical

Originally Published MX July/August 2004

BUSINESS NEWS

St. Jude Medical Inc. (St. Paul, MN) announced in June that it has completed its acquisition of Epicor Medical Inc. (Sunny- vale, CA).

St. Jude paid $185 million in cash for all of the outstanding capital stock in Epicor that it did not already own. St. Jude made an initial $15 million investment in Epicor in May 2003. The original agreement enabled St. Jude to acquire all of Epicor provided that certain clinical and regulatory milestones were met.

The acquisition ex-pands St. Jude's offering of devices and catheter systems to diagnose, suppress, and cure atrial fibrillation (AF). Epicor develops high-intensity focused ultrasound (HIFU) devices for the treatment of AF, which is the most common cardiac arrhythmia and a significant worldwide healthcare challenge.

Epicor has received 510(k) clearance from FDA for its HIFU system. The system has also been approved for use in Europe. St. Jude said it would initiate limited sales of the system in the third quarter of 2004.