St. Jude Medical Inc. will pick up a $60 million, 19 percent equity stake in CardioMEMS Inc., which is developing a wireless system to test heart function.
St. Jude Medical Inc. (NYSE:STJ) agreed to spend $60 million on an equity stake in CardioMEMS Inc., an Atlanta-based medical device company that's developing a wireless system to test heart function.
The deal gives St. Jude a 19 percent stake in CardioMEMS, plus an exclusive option to acquire the company for another $375 million "during the period that extends through the completion of certain commercialization milestones," according to a press release.
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