Abbott (NYSE: ABT) is to acquire Topera, Inc., a Menlo Park, Calif.-based venture-backed medical device company focused on developing innovative electrophysiology technologies to improve the diagnosis and treatment of atrial fibrillation, for $250m.
Through the purchase, whose completion is subject to customary closing conditions, including antitrust clearance, Abbott enters the catheter-based electrophysiology market, an approximately $3 billion global market.
Topera has developed a novel diagnostic catheter and mapping software, or rotor identification system, which allows physicians to identify and target the specific areas of a person’s heart that are perpetuating atrial fibrillation.
In a separate transaction in the electrophysiology market, Abbott has secured the right to purchase Santa Clara, Calif.-based Advanced Cardiac Therapeutics, Inc. in the future, upon completion of key milestones. ACT, a private, venture-backed company, is developing a novel ablation catheter designed to improve the safety and effectiveness of ablation procedures.
The financial terms were not disclosed.
25/04/2013: Topera Completes $25M Series C Financing Round