AtriCure Inc. has closed a deal for Endoscopic Technologies Inc.
San Ramon, Calif.-based Endoscopic Technologies, which does business as Estech, develops and markets a group of surgical devices that physicians use in minimally invasive procedures to treat abnormal heart beats. The purchase price includes $34 million in AtriCure common stock and up to $26 million in additional payments based on achievement of milestones.
AtriCure, headquartered in West Chester, Ohio, says the deal strengthens its position in the atrial fibrillation market. The buyer provides atrial fibrillation medical devices, which are used for heart surgery.
Piper Jaffray acted as AtriCure’s financial adviser, while Keating Muething & Klekamp PLL provided legal advice. Leerink Swann provided financial advice to Estech, while DLA Pipe LLP acted as legal counsel.
Other recent medical device deals include Stryker Corp.’s (NYSE: SYK) acquisition of Patient Safety Technologies Inc., and Genstar Capital’s deal for Tecomet Inc.
For more on medical devices, see “Medical Devices Drive Health Care M&A.”