The deal, expected to close by the end of this week, hinges on a series of regulatory and commercial milestones through 2017 for Burlington, Mass.-based Rhythmia and its closely-held device for mapping and navigating the heart during catheter ablation procedures to treat atrial fibrillation.
Boston Scientific said it expects the Rhythmia system to win FDA clearance and CE Mark approval in the European Union in time for a limited launch next year and a full-on début in 2014.
"The acquisition of Rhythmia Medical is a decisive step forward for Boston Scientific in the electrophysiology ablation business, including the high-growth segment of complex ablation," interim CEO Hank Kucheman said in prepared remarks. "Electrophysiology is a $2.5 billion market and growing at a double-digit pace, representing a key growth opportunity for us. Rhythmia Medical has a strong and impressive team, and its technology is expected to add innovation and breadth to Boston Scientific’s suite of solutions in this strategically important space."
"Rhythmia Medical’s revolutionary mapping technology is expected to significantly enhance physician treatment options and ultimately facilitate and improve what today are long and complicated procedures," Rhythmia co-founder and co-CEO Doron Harlev said in prepared remarks. "Our system is expected to become a very promising tool for physicians to treat patients with complex cardiac arrhythmias. We are excited to combine our mapping system with Boston Scientific’s strong catheter platform and commercialization capabilities."