Medtronic has signed a definitive agreement to buy EPIX Therapeutics, a medical device manufacturer of cardiac ablation systems which treats patients with cardiac arrhythmias, for an undisclosed amount.
Following the completion of the acquisition, EPIX will widen the Medtronic cardiac ablation portfolio with a range of tools to treat patients with cardiac arrhythmias.
EPIX’s flagship technology is DiamondTemp ablation system, which is a closed-loop, temperature-controlled system that enables doctors with improved feedback and control while performing an ablation procedure.
The DiamondTemp system, which secured CE Mark in Europe in 2017 and is restricted to investigational use in the US, makes use of radiofrequency (RF) energy (heat) to create scar tissue in the heart.
This device complements the Medtronic’s cryoballoon technology that uses cryo energy (cold) to isolate the pulmonary veins (PVI).
The DIAMOND-AF trial, which finished patient enrollment in October 2018, will support approval of the DiamondTemp system in the US for patients who have symptomatic paroxysmal AF, which starts and stops intermittently.
Furthermore, the DIAMOND-AF II trial, which is currently enrolling patients, is analysing the DiamondTemp system in patients with persistent AF, which continues for long periods of time.
DIAMOND-AF II study global principal investigator and Canada, Newmarket-based Southlake Regional Health Center staff cardiologist and cardiac electrophysiologist Atul Verma said: “The DiamondTemp ablation system stands out from other RF ablation technologies because of the real-time temperature control via rapid power modulation. This results in shorter procedure times and higher confidence in lesion quality.
“I’ve had the pleasure of working with EPIX to design the DIAMOND-AF II trial and I look forward to continuing that work with Medtronic.”
Medtronic’s Cardiac and Vascular Group’s Atrial Fibrillation Solutions division vice president and general manager Rebecca Seidel said: “The DiamondTemp cardiac ablation system represents leapfrog technology in the RF cardiac ablation space, a segment of the market where we haven’t previously participated.
“When combined with our existing leading cryoballoon technology, we expect to provide physicians with a complete portfolio of best-in-class cryo and RF systems.”
The deal is expected to complete in Medtronic’s fourth fiscal quarter, which is from 26 January to 26 April, after meeting certain customary closing conditions.
The acquisition is expected to meet Medtronic’s long-term financial metrics for acquisitions.
Further terms of the transaction were not disclosed.
The latest deal by Medtronic comes on the heels of completing the acquisition of Israel-based Mazor Robotics for $1.7bn in December 2018. This was one of the largest orthopaedic deals of the year. The acquisition agreement was signed on 20 September.