St. Jude Medical Inc. said late Wednesday that it has agreed to buy an imaging company called LightLab Imaging Inc. for about $90 million in cash.
St. Jude to spend $90 million to buy imaging company
Technology helps doctors treat heart disease
May 20, 2010 at 1:25AM
The Little Canada-based medical technology company said Massachusetts-based LightLab pioneered development of optical coherence tomography (OCT), a high-resolution coronary imaging technology that helps doctors treat heart disease.
Earlier this month LightLab, a subsidiary of Goodman Co. Ltd., received Food and Drug Administration clearance for the first OCT products to be available in the United States.
St. Jude said it expects the OCT platform to contribute an additional $20 million in revenue to its cardiovascular business in the second half of this year. The OCT market is expected to grow at a double-digit annual rate over the next five years.
The transaction is expected to close by the end of the second quarter. St. Jude said the acquisition does not change its outlook for 2010.
JANET MOORE
about the writer
President Joe Biden has blocked the nearly $15 billion proposed deal for Nippon Steel of Japan to purchase Pittsburgh-based U.S. Steel — affirming his earlier vow on the presidential campaign trail to prevent the acquisition of Steeltown USA's most storied steel company.
