San Ramon, Calif.-based Estech was founded in 1996 and primarily develops minimally invasive surgical ablation technologies. Estech’s technology fits comfortably with AtriCure’s existing line of atrial ablation devices to treat cardiac fibrillation.
West Chester, Ohio-based AtriCure gave Estech around 2.1 million in common stock, with $26 million available in performance-based milestones, according to a regulatory filing.
The market jumped on the deal, after it was announced. AtriCure stock opened 17¢ up from its close on Dec. 20th, a day after the news was announced, and closed up 13.2% on Dec. 20th.
ARTC shares closed last night at $18.03, down 3.5% on the day.