The offer included $40 million in up-front cash and stock, plus $140 million in clinical and regulatory milestones and $120 million in reimbursement milestones, all payable in cash and stock, Mason, Ohio-based AtriCure said when the deal was announced earlier this week.
Redwood City, Calif.-based SentreHeart has enrolled 535 patients in the Amaze trial comparing Lariat and pulmonary vein isolation with PVI alone in treating atrial fibrillation. AtriCure said it expects the study tor each its 600-patient target in early 2020.
AtriCure raised its sales outlook for 2019 but said it now expects to post adjusted losses per share for the year due to integration and operating costs from the SentreHeart buyout. Adjusted EPS are pegged at -$1.07 to -$1.14 on sales of $224.5 million to $228.5 million, compared with $222 million to $228 million previously.
Piper Jaffray advised AtriCure on the deal, with Pepper Hamilton as legal counsel. Guggenheim Securities advised SentreHeart, with Goodwin Procter as counsel.