Boston Scientific has signed a definitive merger agreement to buy CryoCor for a cash purchase of approximately $17.6 million.

The acquisition follows a development agreement, in place since June 2007, to pursue therapeutic solutions for atrial fibrillation (a-fib).

The existing agreement involves the development of a console to deliver cryo energy to Boston Scientific's proprietary cryo balloon catheter, the Natick, Mass.-based company said. Boston Scientific also said its cryo balloon is being developed to provide a standardized and broadly applicable method to isolate the electrical activity originating from the pulmonary veins, which are believed to be a source for the initiation and propagation of a-fib.

"This acquisition will allow us to further refine this base console technology, and gaining exclusive rights to CryoCor's family of intellectual property will provide us a key strategic advantage,” said Fred Colen, executive vice president of operations and technology at Boston Scientific cardiac rhythm management.