St. Jude Medical, a medical technology and services company, has completed the acquisition of CardioMEMS, the developer of the CardioMEMS HF system.
The CardioMEMS HF system has already received approval from the US Food and Drug Administration. With the completion of acquisition, St. Jude Medical will now begin its strategic launch of the CardioMEMS HF system in the US.
The CardioMEMS HF System uses a miniaturized, wireless monitoring sensor that is implanted in the pulmonary artery.
CardioMEMS is a heart failure monitoring device that allows clinicians to stabilize pulmonary artery pressures by proactively managing medications and other treatment options while also providing an early indication of worsening heart failure, thereby improving heart failure patients’ quality of life, and reducing economic risks for hospitals and payers.
According to CardioMEMS, the device significantly reduces hospital admissions when used by physicians to manage heart failure.
St. Jude Medical chairman, president and CEO Daniel J Starks said that the company’s acquisition of CardioMEMS shows its commitment to providing innovative medical device solutions that reduce the burden of complex diseases like heart failure, both on patients and health care systems.
"The CardioMEMS HF System achieves this goal by setting a new treatment paradigm for heart failure that reduces hospitalizations and improves the quality of life for patients," Starks added.
For St. Jude Medical, BofA Merrill Lynch acted as financial advisor and Gibson, Dunn & Crutcher acted as legal counsel. For CardioMEMS, J.P. Morgan Securities acted as financial advisor and Cooley as legal counsel.
Image: The CardioMEMS HF system uses a wireless monitoring sensor that is implanted in the pulmonary artery. Photo: Courtesy of Business Wire/ CardioMEMS, Inc.