Abbott (NYSE:ABT) said yesterday that it closed its acquisition of Topera Medical, paying $250 million up front and placing another unspecified amount on the table in performance-based milestones.
The deal for Menlo Park, Calif.-based Topera and its cardiac arrhythmia mapping technology, 1st announced last October, marked Abbott’s entrance into the electrophysiology space.
Abbott in October also acquired the right the buy Advanced Cardiac Therapeutics and its TempaSure ablation catheter "upon completion of key milestones," but was likewise coy about the financial details. The company tapped VytronUS president & CEO Michael Pederson to lead its new EP business.
Topera won 510(k) clearance from the FDA in January for the latest incarnation of its 3D mapping system, including the RhythmView workstation and FIRMap diagnostic catheter. The imaging system uses electrical signals, captured by a multipolar electrophysiology catheter, and creates a 3D image that can more accurately map cardiac arrhythmias.
"The Topera acquisition gives Abbott a foundational entry in the large, high-growth electrophysiology market with breakthrough technologies that can transform how physicians treat people with complex heart rhythm disorders," Abbott medical devices executive vice president John Capek said in prepared remarks. "The ability to more accurately target the areas of the heart perpetuating atrial fibrillation is a significant advancement in the field of electrophysiology and can transform patient care."
