ST. PAUL, Minn.--(BUSINESS WIRE)--St. Jude Medical, Inc. (NYSE:STJ), a global medical device company, today announced it has completed its acquisition of privately held CardioMEMS, Inc., developer of the CardioMEMS™ HF System. The acquisition was completed on May 30, 2014.
Commenting on the acquisition, St. Jude Medical Chairman, President and Chief Executive Officer Daniel J. Starks said, “St. Jude Medical’s acquisition of CardioMEMS shows our 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.”
The CardioMEMS HF System is the first and only FDA-approved heart failure monitoring device proven to significantly reduce hospital admissions when used by physicians to manage heart failure. St. Jude Medical will now begin its strategic launch of the CardioMEMS HF System in the U.S.
The CardioMEMS HF System 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.
BofA Merrill Lynch acted as financial advisor and Gibson, Dunn & Crutcher LLP as legal counsel to St. Jude Medical. J.P. Morgan Securities LLC acted as financial advisor to CardioMEMS and Cooley LLP as legal counsel.
About St. Jude Medical
St. Jude Medical is a global medical device manufacturer dedicated to transforming the treatment of some of the world’s most expensive epidemic diseases. The company does this by developing cost-effective medical technologies that save and improve lives of patients around the world. Headquartered in St. Paul, Minn., St. Jude Medical has four major clinical focus areas that include cardiac rhythm management, atrial fibrillation, cardiovascular and neuromodulation. For more information, please visit sjm.com or follow us on Twitter @SJM_Media.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. Such forward-looking statements include the expectations, plans and prospects for the Company, including potential clinical successes, anticipated regulatory approvals and future product launches, and projected revenues, margins, earnings and market shares. The statements made by the Company are based upon management’s current expectations and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include market conditions and other factors beyond the Company’s control and the risk factors and other cautionary statements described in the Company’s filings with the SEC, including those described in the Risk Factors and Cautionary Statements sections of the Company’s Annual Report on Form 10-K for the fiscal year ended December 28, 2013 and Quarterly Report on Form 10-Q for the fiscal quarter ended March 29, 2014. The Company does not intend to update these statements and undertakes no duty to any person to provide any such update under any circumstance.