St. Jude Medical Inc. (NYSE:STJ) plans to more than double its Plymouth, Minn. presence with a 3 floor, 275,000 square foot addition to its 5050 Nathan lane building.
Along with the build, the medical device giant plans to consolidate its cardiovascular unit to the new Plymouth campus. The company’s cardiovascular division currently leases locations in Minnetonka, Minn. and Maple Grove, Minn.
Occlutech GmbH won another round in its ongoing patent dispute with St. Jude Medical Inc. (NYSE:STJ) acquisition AGA Medical.
The German Supreme Court (BGH) in Karlsruhe ruled that it does not see any basis for AGA Medical’s claim that Occlutech’s atrial septal defects (ASD) and patent foramen ovale (PFO) occlusion devices violate the company’s patents.
St. Jude Medical Inc. (NYSE:STJ) shares rose today on news of its first-quarter sales and earnings and of FDA approval of its aortic valve replacement system, the Trifecta.
STJ shares were up 2.7 percent to $52.37 as of about 10:40 this morning, after the St. Paul, Minn.-based medical device maker reported profits of $233.4 million, or 71 cents per diluted share, on sales of $1.38 billion for the three months ended April 2 — a 9.0 percent top-line increase compared with Q1 2010.
The St. Paul, Minn.-based medical device developer said the acquisition gives it access to four new surgical markets, including the treatment of structural defects in the heart.
The St. Paul, Minn.-based company said about 91.1 percent of AGA’s outstanding stock was tendered as part of its buyout of the company, and another 6.7 percent of AGA stock was tendered by notices of guaranteed delivery.
The St. Paul, Minn.-based medical device maker said it plans to provide AGA shareholders with 54 percent of a STJ share for every one AGAM share exchanged.