Medtronic acquires medical device company for $387 million

There is also consolidation taking place in the medical device side of healthcare as well and part of their technology is still under the clinical trial stage without FDA approval as of yet. BD

Medtronic Inc. announced Thursday it’s acquiring Montreal-based CryoCath Technologies Inc. in a deal worth $387 million in U.S. dollars.
The Fridley-based medical device company will pay $8.75 in Canadian dollars (or $8.46 in U.S. dollars, according to yesterday’s closing currency prices) per share in cash for all outstanding CryoCath stock.
In a statement, Medtronic said the offer represents a 97 percent premium over the Sept. 24 closing price of CryoCath common stock, which trades on the Toronto Stock Exchange. The deal is subject to shareholder approval and is expected to close in the fourth quarter of this year.