Medical device maker Boston Scientific Corp. (BSX: Quote) said it has closed its acquisition of Cameron Health, Inc. of San Clemente, California, and, as a result, added to its product portfolio the world's first and only commercially available subcutaneous implantable cardioverter defibrillator, called the S-ICD System.
In addition, the U.S. Food and Drug Administration Circulatory System Devices Panel recommended approval of the S-ICD System in April of 2012. FDA approval is expected in the first half of 2013. The S-ICD System received CE Mark in 2009 and is commercially available in many countries in Europe, as well as New Zealand.
In March 2012, Boston Scientific had agreed to acquire privately-held Cameron Health Inc. for a total consideration of up to $1.35 billion.
As per the terms of the agreement, Boston Scientific paid $150 million at closing. The agreement calls for an additional potential payment of $150 million to be made upon FDA approval of the S-ICD System and up to an additional $1.050 billion of potential payments to be made upon the achievement of specified revenue-based criteria over a six-year period following FDA approval.
The company currently expects the transaction to be approximately $0.01 dilutive in 2012 and approximately break-even in 2013 to earnings per share on an adjusted basis and more dilutive in both years on a GAAP basis as a result of acquisition-related net charges and amortization, which will be determined following the closing.
The S-ICD System is an investigational device and limited under U.S. law to investigational use only, and is not available for sale in the U.S.
| || |
| To receive FREE breaking news email alerts for Boston Scientific Corp and others in your portfolio|
by RTT Staff Writer
For comments and feedback: email@example.com