Medtronic has agreed to acquire CryoCath Technologies for about $380 million, giving the Minneapolis-based Medtronic access to its cryoablation technologies.
The Montreal-based CryoCath board of directors has unanimously recommended that CryoCath shareholders accept the offer, and the acquisition is expected to close in the fourth quarter of this calendar year.
CryoCath said it resolved all outstanding patent suits with Boston Scientific and its units involving cryoablation systems in the U.S. and Canada. The two companies agreed to end an International Trade Commission investigation. CryoCath agreed to pay royalties on certain future products for a limited time.
CryoCath’s flagship product, Arctic Front, is used to treat atrial fibrillation patients.