Cooley Advises CardioMEMS on Acquisition by St. Jude Medical
Palo Alto – June 3, 2014 – Cooley LLP announced today that it advised longtime client CardioMEMS, Inc., a medical device company that has developed a proprietary wireless sensing and communication technology for the human body, on its acquisition by St. Jude Medical, Inc.
Prior to this acquisition, St. Jude Medical had invested $60 million in CardioMEMS in exchange for a 19 percent ownership interest and an exclusive option to purchase the entire company. Following the recent announcement that the Food and Drug Administration (FDA) had approved the CardioMEMS HF System, St. Jude Medical exercised its option to purchase the remaining ownership interest of CardioMEMS for approximately $375 million. The CardioMEMS HF System is the first and only FDA-approved heart failure (HF) monitoring device that has been proven to reduce hospital admissions significantly when used by physicians to manage heart failure.
Cooley has advised CardioMEMS since its formation and through all its subsequent financing rounds and significant transactions, including the transactions with St. Jude Medical.
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