St. Jude Medical to acquire Advanced Neuromodulation Systems for $1.3 billion

By Jennifer Chiou

New York, Oct. 17 - St. Jude Medical, Inc. and Advanced Neuromodulation Systems, Inc. said their boards unanimously approved a definitive agreement under which St. Jude Medical will acquire Advanced Neuromodulation for $61.25 per share in cash, totaling $1.3 billion.

Under the agreement, St. Jude Medical will start a tender offer for all its outstanding shares no later than Oct. 25.

Following a successful tender, holders of any remaining Advanced Neuromodulation shares will be entitled to receive $61.25 per share in cash upon close of the merger.

The transaction is conditioned upon the tender of a majority of Advanced Neuromodulation stock.

"In addition to providing ANS shareholders with good value, this transaction will strengthen our competitive position on a global basis," Chris Chavez, president and chief executive officer of Advanced Neuromodulation, said in a news release.

Following the close of the transaction, Advanced Neuromodulation will become a new division of St. Jude Medical.

St. Jude Medical said it expects to benefit from an increasingly broad product portfolio, including Advanced Neuromodulation's implantable spinal cord stimulation devices, and Advanced Neuromodulation will have a strengthened international presence.

Based in St. Paul, Advanced Neuromodulation., St. Jude Medical, Inc. designs medical devices.

Plano, Texas-based ANS develops and markets implantable systems to manage chronic intractable pain and other disorders of the central nervous system.

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