St Jude Medical to acquire AGA Medical

St Jude Medical has confirmed that it will be acquiring fellow healthcare technology firm AGA Medical Holdings in a deal worth $1.3 billion (827.1 million pounds).

The companies have signed a definitive agreement whereby St Jude Medical will purchase all outstanding shares in AGA Medical, with the merger set to be completed by the end of the year.

It will see St Jude Medical take control of a business with a robust presence in the cardiovascular health market, offering devices that address structural heart defects and vascular abnormalities via minimally invasive transcatheter treatments.

Among the products offered by AGA Medical is the Amplatzer device platform, which offers strong brand-name recognition in the healthcare sector.

Daniel Starks, chairman, president and chief executive officer of St Jude Medical, said: "St Jude Medical believes that the acquisition of AGA Medical will benefit customers, employees and shareholders of both companies."

Last month, the company purchased a stake in the cardiac medical technology specialist CardioMEMS, with an option to acquire the firm at a later date.