By Andy Sambidge
Investment company says it has completed sale of CardioMEMs to US-based St Jude Medical
Arcapita, an investment management firm headquartered in Bahrain, announced on Monday that its Arcapita Ventures I fund has completed the $450 million sale of medical device firm CardioMEMS.
CardioMEMS has been acquired by US-based St Jude Medical, which had previously invested $60 million for a 19 percent shareholding of the company.
It has now exercised an exclusive option to purchase the remaining 81 percent of the company, in a transaction valued in excess of $450 million.
CardioMEMS is a medical device company that develops implantable wireless sensors which gather and transmit pressure information from inside the human body. Recently, it received US FDA (Food and Drug Administration) approval for its heart failure management system.
Atif A Abdulmalik, Arcapita’s CEO, said: “We have supported CardioMEMS as a venture partner for several years and are pleased that the technology developed by the company is proving effective in the provision of higher standards of care for heart patients.
"We are also delighted with the very positive returns we have generated from our investment in the business, benefiting investors in the Arcapita Ventures I fund.”
John Huntz, head of Arcapita Ventures and chairman of CardioMEMS, added: “Arcapita is proud to have been the lead investor in this ground-breaking technology which will provide invaluable support to millions of heart failure patients and reduce hospitalization rates in the US and around the world.”
Other major investors in CardioMEMS include Boston Millennia Partners, Johnson & Johnson and Foundation Medical Partners.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.