Cardiac Science (Irvine, California) said it expects to close on its previously announced acquisition of Artema Medical (Stockholm, Sweden) in the first week of June. The final exchange ratio of Cardiac Science shares issued in the transaction will be based on a trailing 10-day average price of Cardiac Science stock, and is subject to a "collar" in which the number of Cardiac Science shares issued will be not less than 3.33 million or more than 4.44 million. The deal is subject to U.S. and Swedish regulatory review. Artema makes bedside and portable multi-parameter patient monitors and defibrillator devices used in cardiac and emergency care applications inside and outside of hospitals. Cardiac Science makes external cardiac defibrillator devices and proprietary software that monitors and automatically treats patients who suffer life-threatening heart rhythms.
Heartport (Redwood City, California) said that an April 16 meeting has been set for shareholders to vote on the company's acquisition by Johnson & Johnson (J&J; New Brunswick, New Jersey), a deal valued at around $81 million. Heartport shareholders will receive $2.72 in J&J common stock for each Heartport outstanding share. Heartport reported that shareholders with about 30.2% of the company's outstanding common stock have agreed to vote their shares in favor of the purchase.
Medtronic (Minneapolis, Minnesota) has acquired the assets of the Contegra Pulmonary Valved Conduit product line from VenPro (Irvine, California). Medtronic has distributed the product in Europe since it received CE mark approval in late 1999. Financial terms were not disclosed. The pulmonary valved conduit will be the first product in Medtronic's heart valve portfolio intended primarily for use in children. Homografts used by pediatric cardiovascular surgeons for this type of reconstruction are limited by the availability of donated human organs, particularly in small sizes. The Contegra conduit is a glutaraldehyde-fixed xenograft jugular vein segment that contains a natural, integral valve. It is available in a range of sizes suitable for newborns and children. The Contegra currently is an investigational device in the U.S. and is not yet available for commercial distribution.
Raytel Medical (San Mateo, California) completed the sale of its wholly-owned subsidiary, the Heart Institute of Port St. Lucie (Port St. Lucie, Florida), to a new company organized by physicians practicing at the clinic. Raytel received $8.3 million, net of transaction expenses, for all of the stock of the subsidiary. Raytel acquired the clinic in August 1997 as a part of its acquisition of Cardiovascular Ventures.