Medtronic Buys Canadian Firm for $380 Million

Medtronic announced plans to purchase a Canadian firm that makes a device to treat atrial fibrillation for $380 million, the Star Tribune of Minneapolis reports. The deal for CryoCath Technologies Inc. is expected to close by the end of the year.

September 26, 2008

1 Min Read
Medtronic Buys Canadian Firm for $380 Million

CryoCath's signature product is Arctic Front, a minimally invasive cryo-balloon catheter that may be a safer alternative to current treatments, which include drugs and electrical shocks to the heart. It has received approval in Europe but not yet in the United States, where a pivotal trial is in progress. Some are surprised that Medtronic acted now instead of waiting for the results of the trial, but if it were successful, the firm's price could have gone up. And Medtronic rival St. Jude Medical has already bought up several players in this space.

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