St Jude Medical, a global medical device company, has completed the previously announced acquisition of LightLab Imaging, for approximately $90m in cash. The acquisition makes St Jude Medical to offer both OCT and FFR technology.
LightLab is a provider in the development of Optical Coherence Tomography (OCT), a high resolution diagnostic coronary imaging technology, which aids physicians in the treatment of cardiovascular disease.
With the transaction, LightLab is expected to become a part of the St Jude Medical’s cardiovascular division.
The acquisition of OCT technology accelerates the expansion of St Jude Medical’s cardiovascular growth platform by providing the company with a comprehensive product offering that will allow the company to compete in, and potentially expand, the intravascular imaging market. The IVUS market is estimated to be $500m for 2010 and to grow 10 to 15% annually.
Daniel Starks, chairman, president and CEO at St Jude Medical, said: “The OCT technology is the ideal complement to our FFR technology and provides us with a comprehensive platform that will help us to grow our cardiovascular business.”
David Kolstad, president and CEO of LightLab, said: “The LightLab team is excited to join St Jude Medical, and we look forward to further strengthening the company’s interventional cardiology business with the OCT technology.
“There is a strong alignment between St Jude Medical and LightLab both in our product portfolios and our shared vision of improving patient outcomes through solutions which enable physicians to make earlier and more accurate treatment decisions.”