Cardiac Science (Irvine, California) completed the acquisition of Artema Medical AB (Stockholm, Sweden), a manufacturer of patient monitors and external defibrillator devices, through the issuance of about 4 million shares of common stock to Artema shareholders. "The acquisition of Artema provides us with a number of significant benefits including the expansion of our in-hospital defibrillator product line, enhanced distribution in Europe, the Middle East and Asia," said Raymond Cohen, Cardiac Science president and CEO. Cardiac Science develops external cardiac defibrillator devices and disposable defibrillator electrodes that monitor and automatically treat patients who suffer life-threatening heart rhythms. Powerheart, the company's hospital bedside defibrillator and Survivalink-brand automated external defibrillators, are marketed in the U.S. by its 36-person direct sales force and by distributors in 40 countries.
Millennium Pharmaceuticals (Cambridge, Massachusetts) and COR Therapeutics (South San Francisco, California) have signed a definitive agreement for Millennium to acquire COR in a stock-for-stock exchange valued at $2 billion. The companies said they bring together complementary capabilities by uniting COR's cardiovascular expertise, product pipeline and commercial infrastructure for its anti-platelet product, Integrilin, with Millennium's genomic-based research, drug discovery and development technology platform, business leadership in strategic alliances and product pipeline in oncology, inflammation and metabolic disease. Under the merger agreement, COR shareholders will receive 0.9873 shares of newly issued Millennium common stock in exchange for each COR share. As a result of this transaction, Millennium expects to issue a total of approximately 58 million new shares to current COR shareholders. The deal is expected to close in 1Q02. Millennium and COR said they both view mergers, product and company acquisitions, alliances and collaborations as critical strategic components in the creation of a robust pipeline of products and commercial capabilities.
Novametrix Medical Systems (Wallingford, Connecticut) reported that it is in negotiations with what it termed "a potential acquirer" regarding a merger, with the company's common stock to be converted into common stock of the potential acquirer in the range of $8 per share of company common stock. Novametrix is a developer of medical products, including cardiopulmonary monitors and sensors that noninvasively and continuously monitor cardiac output, respiratory mechanics and levels of oxygen and carbon dioxide.