St Jude Medical completes AGA Medical takeover

St Jude Medical has completed its buyout of AGA Medical Holdings, a deal which is expected to generate $20-25 million (12.5-15.6 million pounds) in revenue for St Jude during the fourth quarter of 2010 alone.

Following the completion of the transaction, shares of AGA Medical common stock ceased to be traded on Nasdaq, with the company becoming part of St Jude's cardiovascular division.

The takeover is expected to position the company more strongly in a number of cardiovascular repair markets, including left atrial appendage closure, structural heart defect treatment and abnormal peripheral vessel modification.

St Jude expressed confidence that its new subsidiary's operations are complementary to its existing business objectives.

Daniel Starks, chairman, president and chief executive officer of St Jude Medical, said: "The addition of AGA Medical's strong core business and innovative product pipeline will position St Jude Medical as the clear leader in the structural heart market."

Last week, the company reported findings from a clinical study, showcasing the benefits of pacemakers and implantable defibrillators in monitoring and predicting strokes.