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St. Jude Medical acquires Spinal Modulation
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St. Jude Medical has announced it recently completed the acquisition of Spinal Modulation, developer of the Axium Neurostimulator System.
With the acquisition, St. Jude Medical is now the only medical device manufacturer to offer radiofrequency ablation (RFA), spinal cord stimulation (SCS) and dorsal root ganglion (DRG) stimulation therapy solutions for the treatment of chronic pain, according to a company press release.
“Completing the acquisition of Spinal Modulation is another important step forward in building momentum and accelerating sales growth across our neuromodulation product portfolio,” Michael T. Rousseau, CEO of St. Jude Medical, said in the release. “We’re confident the Axium system will further support our goal of providing physicians multiple options to tailor treatment for patients with chronic pain.”
St. Jude Medical made a $40 million equity investment in Spinal Modulation in June 2013 and provided the company with an exclusive option to distribute the Axium Neurostimulator System in international markets where the technology was approved for sale.
According to a previous release, the company planned to make a payment of approximately $175 million upon closing of the acquisition, with additional payments due upon FDA approval of the Axium system and achievement of certain revenue targets.
Reference: media.sjm.com.