Boston Scientific (NYSE:BSX) today announced it closed its acquisition Apama Medical and its radiofrequency balloon catheter system designed to treat atrial fibrillation in a deal that could be worth $300 million.
The deal, which Boston Scientific announced last Monday, includes an initial $175 million in cash up-front from the Marlborough, Mass.-based company and an additional $125 million in contingent payments between 2018 and 2020 based on clinical and regulatory milestones.
The closure comes in ahead of schedule, according to an SEC filing, officially closing on Tuesday. Boston Scientific originally expected the deal to close during the 4th quarter.
Campbell, Calif.-based Apama’s novel RF balloon is a single-shot, multi-electrode device designed to combine the benefits of RF point-by-point and balloon-based ablation approaches, the company said, claiming the system delivers differentiated energy levels and shorter procedure times.
The system features an incorporated digital camera with LED lights and sensing electrodes for real-time visualization of the procedure and catheter electrode contact.
Results from the 1st-in-human study of the device showed the Apama RF balloon met safety and efficacy endpoints and achieved successful pulmonary vein isolation in treating paroxysmal AF patients.
The Apama RF balloon is currently being studied in clinical trials in Europe as the company looks to achieve CE Mark approval, which it hopes to receive in late 2018.
Boston Scientific said the acquisition is expected to be immaterial to its adjusted earnings per share for 2017 and 2018, and more dilutive on a GAAP basis due to amoritization expense, transaction and integration related costs.