MERGERS AND ACQUISITIONS Boston Scientific Corp., Natick, Mass., with operations in Maple Grove, Plymouth and Arden Hills, said it has closed the acquisition of Cameron Health Inc. of San Clemente, Calif. Cameron makes an implantable cardioverter defibrillator without leads, or wires to the heart. Under terms announced in March, Boston Scientific exercised its option to acquire Cameron Health, paying $150 million at closing. The agreement calls for an additional potential payment of $150 million to be made upon approval of the device by the Food and Drug Administration and up to $1 billion of potential payments to be made at certain revenue-based criteria over a six-year period following FDA approval. The device has received the go-ahead from an FDA advisory panel, but still needs overall agency approval before being marketed in the United States.
NEW BUSINESS MVC Capital, a publicly traded business development company based in Purchase, N.Y., said it will invest up to $3.05 million in Biovation Holdings Inc., a Mankato, Minn., manufacturer and marketer of laminate materials and composites that are produced mainly from corn and soybeans. Under the investment terms, MVC has funded a $1.5 million note and, and will fund a $1.55 million preferred equity investment if certain business milestones are met. Biovation will focus initially on the decorative laminates marketed under its Biosurf brand for decorative lighting, military applications, transportation, print media and electronics.
