St. Jude Medical (STJ) Acquires Assets of Northstar Neuroscience
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St. Jude Medical, Inc. (NYSE: STJ) announced the acquisition of the intellectual property and non-cash assets of Northstar Neuroscience, Inc. (Nasdaq: NSTR), a medical device company, for a payment of $2 million.
Northstar focused on developing cortical stimulation therapies for the treatment of major depressive disorder, stroke and other neurological disorders. The company developed the Renova(TM) Cortical Stimulation System, an investigational device designed to deliver targeted stimulation to the cerebral cortex.
With this transaction, St. Jude Medical acquires Northstar's intellectual property portfolio, clinical study data, device designs, and manufacturing equipment.
The transaction is expected to be neutral to St. Jude Medical's consolidated earnings per share in 2009. [SM]
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