A Medical Device Daily
Medtronic (Minneapolis) reported that it now owns CryoCath Technologies (Montreal) as a result of a "compulsory acquisition."
Medtronic said acquired the 1,574,488 shares of CryoCath Technologies not already owned by it by exercising its right to compulsorily acquire the shares under Section 51 of the Qu bec Companies Act.
The compulsory acquisition followed an Oct. 3 offer for all of the CryoCath shares for C$8.75 a share, which had been accepted by shareholders holding roughly 96.3% of the CryoCath shares.
As a result, CryoCath is now 100% owned by Medtronic. Accordingly, CryoCath intends to apply to have the CryoCath shares delisted from the Toronto Stock Exchange and has applied to securities regulators to cease to be a reporting issuer under applicable Canadian securities laws.
CryoCath develops cryotherapy products to treat cardiac arrythmias. Its flagship product, Arctic Front, is a minimally invasive cryoballoon catheter designed specifically to treat Atrial Fibrillation. Marketed in Europe and the subject of a pivotal study in the U.S. and Canada, Arctic Front has been used to treat nearly 3,100 patients.
In other dealmaking activity, Patterson Companies (St. Paul, Minnesota) reported the acquisition by its Patterson Dental Supply unit of Dolphin Imaging Systems and Dolphin Practice Management (both Chatsworth, California), providers of 3-D imaging and practice management software for specialized dental practitioners, including orthodontists, oral maxillofacial surgeons and dental radiologists.
Terms of the all-cash deal were not disclosed.
With estimated sales of about $13 million, Dolphin is profitable and debt-free, Patterson said.
According to the company, Dolphin's imaging software maximizes the benefits of cone beam and other digital photography and radiography systems by enabling practitioners to electronically capture, manipulate and analyze imaging records; perform diagnosis and advanced 2-D and 3-D visualization; and graphically simulate treatment outcomes.
Dolphin's products support most cone beam systems, digital radiography systems, 2-D and 3-D digital photographic systems, and picture archiving and communications systems, the company said.
Dolphin's orthodontic practice management software manages workflows, patient scheduling and financial systems.